Facebook to buy facial-recognition tech company Face.com

(CBS/AP) Facebook has acquired the facial-recognition technology company Face.com.

The company helps people tag photos on the Internet by figuring out who is in them. The Israeli company announced the acquisition on its blog on Monday.

Face says that by working with Facebook it will have more opportunities to develop technology that people will use.

"By working with Facebook directly, and joining their team, we'll have more opportunities to build amazing products that will be employed by consumers," said Gil Hirsch, Face chief executive officer.

Both Face and Facebook declined to comment on the financial terms of the deal, however rumors are circulating that the deal may have cost Facebook anywhere between $80 million and $100 million.

Face did not say whether its website will continue to run after the acquisition. In the past, Facebook has shuttered sites that it acquired and folded in their employees to its work force.

Soon after Facebook purchased the location-based social network Gowalla in December 2011, the company closed up shop in March 2012. Facebook also purchased the up-and-coming FriendFeed in August 2009, but the social aggregation site has stalled since.

So far, Instagram, which Facebook is buying for $1 billion, has been the only exception. Comments from Facebook suggest that Face will remain mainly autonomous, much like Instagram.

"People who use Facebook enjoy sharing photos and memories with their friends, and Face.com's technology has helped to provide the best photo experience. This transaction simply brings a world-class team and a long-time technology vendor in house," a spokesperson for Facebook said in a statement.