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Facebook Buys Gowalla, Hiring New Employees

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CNNMoney/ITProPortal: Two new stories about Facebook show that the social networking behemoth is in a spending kind of mood. First, the company reportedly purchased Gowalla, a location-based service that competes with Foursquare. Gowalla employees will now work on Facebook's timeline feature.

Second, Facebook is also planning a major recruitment drive for next year, hiring "thousands" of new employees to fill up its engineering center in New York City. The company is already accepting applications for the new positions.

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