Facebook has acquired another startup-Tagtile, after its $1 billion acquisition of Instagram a few days ago. This is the second acquisition in single week.Tagtile helps local businesses identify, engage and increase repeat purchases from customers through a loyalty and direct marketing solution. Financial details of the acquisition were not disclosed.

The Tagtile product consists of a custom hardware device, the Tagtile Cube, that merchants place at their cash counter. Users record their transactions at these businesses by tapping their smartphone against the Tagtile Cube, and get rewarded for being a loyal customer.

The Tagtile team made the announcement yesterday on its website and said:

Today, we are happy to announce that we are joining Facebook, and that they are acquiring substantially all of our assets. It’s a huge opportunity for us to take our goal – helping businesses grow – and do it on a much, much bigger scale than we could have on our own.

We won’t be taking on any new customers as of today, but the service will continue to work as is for now. We’ll be reaching out to customers directly once future plans are set, but Tagtile as it exists today won’t be part of what we do at Facebook.

We want to thank every business owner who used Tagtile and every user who downloaded the app. We’re excited by what lies ahead for us with Facebook, and are sure you will like what you see next.