Facebook makes first acquisition

Social networking site, Facebook, is buying Parakey, which was founded by Firefox co-founders Joe Hewitt and Blake Ross, in its first acquisition. As a result of the acquisition, Hewitt and Ross will join the Facebook team and work on the development of the social network's platform and its website. The open source web OS, which has not yet been launched, is designed to bridge the web and desktop gap. Parakey says it is a platform for tools to manipulate email, pictures, videos, calendars and almost anything else on the hard drive. The company says Parakey allows the setting up of sites that can be shared by all family members and those sites can be accessed from a web browser. To make it operate, a small application that turns a local machine into a server needs to be downloaded. The user decides which part of the Parakey site is able to be viewed by the outside world.