Facebook Inc acquired a company that makes voice recognition technology for wearable devices and Internet- connected appliances, the latest sign of its ambition to extend its reach beyond computers and smartphones. Facebook said it acquired wit.ai on Monday, without providing a price for the deal. The 18-month old company, based in Palo Alto, California, makes software that can understand spoken words as well as written text phrased in "natural language."A Facebook representative declined to provide details on how Facebook planned to use the technology or with which group within Facebook the wit.ai team would work.The deal comes as technology companies are racing to bring Internet connectivity to a new crop of devices, from watches to washing machines. Voice recognition, the technology that helps power services such as Apple Inc's Siri, is considered a key building block for the new devices to earn mainstream consumer appeal.Facebook, the world's largest Internet social network, with 1.3 billion users, is increasingly looking beyond the PCs, tablets and smartphones currently used to access its service. In March, it acquired virtual reality headset maker Oculus VR for $2 billion.
Facebook, Inc. (Facebook) is engaged in building products to create utility for users, developers, and advertisers. Shares of FB fell by 1.61% or $-1.26/share to $77.19. In the past year, the shares have traded as low as $51.85 and as high as $82.17. On average, 32267000 shares of FB exchange hands on a given day and today's volume is recorded at 26396704.
Source
