Facebook has acquired location-based provider Gowalla, according to a report.

Citing “a source close to Gowalla”, CNN Money says Facebook has purchased the company for an undislosed amount.

The Gowalla team, including founder Josh Williams, will move from their Austin, Texas headquarters to Facebook’s in Palo Alto, California. It’s rumored the team will be working on Facebook’s timeline feature, which is still being rolled out to Facebook members.

“It’s a perfect match,” said the unnamed source to CNN Money. “As far as the big picture, Gowalla’s vision is about people telling stories, and Facebook’s vision for Timeline is about stories about important moments in life.”

It’s not clear at this time if the Gowalla service will remain active. Facebook is kind of known for acquiring startups just for the engineers and developers behind them. (Beluga, anyone?)

If you’re looking to delete your Gowalla account, here is a step-by-step guide on how to do it.

What do you think of this news? Tell us in the comment area below.