Facebook has made its second purchase of 2012, snapping up the social discovery app Glancee, which shows users when Facebook friends are near.

Following the $1 billion acquisition of Instagram in April, the pick-up of Glancee indicated that Facebook is heavily moving into the smartphone market, which it has neglected.

The social networking giant did not disclose the terms of the deal for Glancee, which may have given an indication of what Facebook exactly anticipates its own stock value to be on its May 18th initial public offering (IPO)

Glancee allowed Facebook users to make connections with Facebook friends and people with similar interests who were nearby according to PC Magazine.

The app has been removed from Apple's App Store and the Android Market, but when operational Glancee generated a list of fellow app users and searched your Facebook profile to see what you shared in common.

The option was then given to add the friend or friend of friend as a 'Favourite' user and start up an online chat to see if you would like to reveal yourself to each in person... (more)

This is a terrible development.