Facebook buys Israeli start-up for estimated $100m.

Tel Aviv-based Face.com has developed facial recognition technology for photographs loaded onto websites.

By GLOBES
June 18, 2012 22:41
1 minute read.
Facebook CEO Mark Zuckerberg

Facebook CEO Mark Zuckerberg 311. (photo credit: Courtesy)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Facebook Inc. announced Monday that it has acquired Tel-Aviv-based facial-recognition technology company Face.com. No financial details were disclosed but sources believe that the acquisition has been made for about $100 million.

Face.com, founded in 2007, has developed technology used for facial recognition on photos loaded onto websites and through mobile applications. The company has released two apps used on Facebook called Photo Finder and Photo Tagger.

Be the first to know - Join our Facebook page.


In a brief statement, Facebook said the company’s technology “has helped to provide the best photo experience” for people sharing photos over the social network.

Facebook added, “This transaction simply brings a world-class team and a long-time technology vendor in house."

Face.com is Facebook's second acquisition in Israel, following the acquisition of Snaptu for $70 million in March 2011. Snaptu's app provides ordinary mobile phones (not smartphones) easy access to social networks, such as Facebook and Twitter. Following the deal, Snaptu's workforce moved to Facebook's headquarters, where they joined its mobile division to develop a unique Facebook app for ordinary mobile phones, as part of the social network's attempt to enter emerging markets where the use of smartphones is just beginning.

It remains to be seen if Face.com will remain based in Israel or whether it will be moved to Facebook headquarters like Snaptu.

Face.com has raised $5.8 million since it was founded in 2007 thus Face.com's investors will make a handsome return on their investment.



CEO Gil Hirsch, CTO Yaniv Taigman, chairman Moti Shniberg, and director Eden Shochat founded Face.com. Investors include Russian search engine Yandex, which invested $4.3 million in September 2011 and Daniel Recanati's Rhodium Ventures which holds a 18.4% stake. Other investors include Yaniv Golan, Yariv Gilat, and co-founder Shochat.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS