Apple has once again opened that $40+ billion bank account and, according to reports, purchased Swedish face-recognition company, Polar Rose.

The Malmö-based company specializes in developing technology which makes facial recognition, not unlike what Apple already has and uses iPhoto for Mac OS X. Through sophisticated algorithms, manages the software of the Arctic Rose to recognize faces in images and the company offers three different products using this solution. Two of the (Face Cloud and FaceLib) them seem to be very interesting for Apple.

Likely yet another talent and technology acquisition, will this simply be used to bolster the existing iPhoto/Aperture Faces feature, or could Apple have grander plans for facial recognition? They do have iSight on Mac and front-facing cameras on iPhone and iPod touch, and likely iPad as well soon.

[Mac1 via 9to5Mac, additional video via MacRumors]