Parakey is the brainchild of Blake Ross and Joe Hewitt, the co-founders of Mozilla Firefox. Ross and Hewitt will be joining with Facebook immediately to continue development of their Parakey concept.
Not a lot of details exist about Parakey except for vague descriptions of trying to make your off-line and online experiences more seamless. The online portion will run in a browser, and the off-line segment will run from your hard drive. In most basic terms, it sounds almost like a drag and drop FTP publisher for a website as you will be able to chose which items in the online portion are visible by the public.
What the partnership will lead to exactly was not disclosed, nor was the price paid. All that is know is that Ross and Hewitt will work to further the Facebook developer platform.