It's not a V bottom, it's not a U bottom, it's a Nike swoosh recovery - Greg McLenon, Hotovec Pomeranz
SOCIAL NETWORK Facebook continued its ongoing acquisition spree on Wednesday, picking up the company behind fitness tracking application Moves.
Moves is available on Android and iOS, and automatically records a users' walking, cycling and running activities, providing information on the distance travelled, duration, steps taken and calories burned.
While it's unclear what Facebook plans to do with the fitness app, Moves seems pretty excited about the acquisition, though the terms have not been disclosed.
Moves said on its website, "Today, we're delighted to announce that Facebook has acquired our company and the Moves app.
"Since we launched Moves, we've been focused on running a simple and clean activity diary that millions of people have enjoyed using. Now, we're joining Facebook's talented team to work on building and improving their products and services with a shared mission of supporting simple, efficient tools for more than a billion people."
Moves went on to confirm that it will continue to operate as a standalone app, and was quick to address privacy concerns, adding that it has no plans to share user data with Facebook.
"For those of you that use the Moves app - the Moves experience will continue to operate as a standalone app, and there are no plans to change that or commingle data with Facebook," the Moves team continued. "Thank you for supporting us on this journey, and we're looking forward to our future at Facebook!"
Facebook has yet to comment on its latest acqusition, which follows buys including Whatsapp and Instagram.