• CNet, Wednesday, August 11, 2010 1:46 PM

Facebook is finally ready to launch it geo-location "check-in" feature, sources tell CNet. "It's going to take the form of an application programming interface (API) for third-party companies on the Facebook developer platform, integrating existing 'check-in' start-ups more deeply into the massive social-networking service and in turn permitting location-aware data to become a part of existing platform applications," CNet reports. One source tells CNet that Facebook offered to acquire Foursquare for $120 million, but Foursquare wanted about 25% more, which eventually killed negotiations. According to a Facebook spokesman, "We are working on location features and product integrations, which we'll be launching in the coming months."

CNet, however, is being told to expect the launch within weeks. To power it service, sources say that Facebook has partnered with Localeze, the local-search company that powers Twitter's "Places" directory--which lets Twitter users attach a location to their tweets if they are posting from a location-enabled device--to provide a business directory infrastructure for the forthcoming geolocation product. Earlier this summer, Facebook also acquired a "check-in" service called Hot Potato, which focused on letting members check into events rather than locations.

Read the whole story at CNet »