The social networking giant has recently purchased small tech company Gowalla.

Facebook has acquired location sharing service Gowalla for an undisclosed sum, according to a source close to Gowalla.

Facebook declined to comment on the deal. “We don’t comment on rumor and speculation,” a company spokesman said.

Most of Gowalla’s employees, including founder Josh Williams, will move to Facebook’s offices in Palo Alto. The team will work on Facebook’s Timeline feature, which launched at this year’s F8 conference and is gradually rolling out to Facebook’s 800 million members. CNN Money

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