UPDATE 1-Facebook buys start-up Parakey for undisclosed sum

(Adds details, executive comments, background, byline)

By Eric Auchard

SAN FRANCISCO, July 19 (Reuters) - Facebook Inc., the fast growing Silicon Valley social networking site, said on Thursday it has acquired Internet start-up, Parakey, run by two of the co-creators of the popular Web browser, Mozilla Firefox.

Parakey, founded by Blake Ross and Joe Hewitt, is described in a statement as a company seeking to bridge the gap between the immediacy of information stored on local desktop computers and the collaborative power of data stored on Web sites.

A notice on Parakey's site says the company hopes to makes consumers lives easier: "Computers are frustrating. Creating documents, finding files, sharing information -- why do everyday things still seem so tedious and counterintuitive?"

Facebook was started in 2004 by then-undergraduate Mark Zuckerberg as a social site for fellow Harvard University students and was subsequently opened up to users of all ages. The site's appeal stems from the controls it gives users over who sees what personal details on each member's profile pages.

Hints of Parakey's product plans are available on the company's Web site and in occasional interviews the two have conducted over the past year. Details of their strategy point to potential new product directions that Facebook, one of Silicon Valley's most watched companies, could be taking.

Parakey and Facebook officials declined to be interviewed.

At age 14, Ross worked as an intern at pioneering Web browser company Netscape Communications Corp., according to his profile on Wikipedia. In 2003, he started as undergraduate student at Stanford, but left to work in Silicon Valley.