Microsoft is investing $15 million in Foursquare. It will part of a licensing deal that will incorporate the location-based service's data into Microsoft's web and mobile platforms. The deal will make Microsoft the largest licensee of Foursquare data.

"In the near future, when you use Microsoft devices powered by the Windows and Windows Phone operating systems and products like Bing, places will be enhanced by Foursquare — to provide contextually-aware experiences and the best recommendations of any service in the world," Foursquare wrote in a blog post announcing the partnership.

It's not clear how Microsoft plans to completely take advantage of Foursquare's immense amount of data, but the New York Times reported that Microsoft will use Foursquare's data to beef up search on its Bing and Windows Phone 8 platforms.