Microsoft is acquiring BigPark, an interactive online gaming company based in Vancouver, B.C., according to a news release.

BigPark will be folded into Microsoft Game Studios to develop a game for Xbox 360. The two have been working on the game together for the past year.

The Vancouver company was founded by executives from Distinctive Software and Electronic Arts Canada who oversaw games such as "Need for Speed," "FIFA Soccer," "NBA Street" and "SSX," the release said.

The chief executive and co-founder Hanno Lemke will report to the general manager of Microsoft Game Studios, Phil Spencer.

The release did not include any details about how much Microsoft is paying for the company.

Update 1:41 p.m.: Microsoft does not expect to relocate workers from Vancouver to Redmond.

According to a statement from the company, the company will release details on their Xbox 360 project at this year's gaming conference E3.

Also interesting to note: Don Mattrick, Microsoft's senior vice president for Interactive Games, is chairman of BigPark, as well as one of its founders and investors. According to the news release, he disclosed his investment in BigPark before he was hired at Microsoft, and his involvement with BigPark is kosher according to Microsoft's code of conduct.

If anyone is looking for a job, it looks like BigPark is hiring. Check out their Web site.