Facebook to purchase Giphy for $400 million
What you need to know
- Facebook has agreed to purchase popular GIF sharing platform, Giphy.
- The total acquisition is valued at $400 million.
- Giphy is expected to integrate with Instagram primarily while keeping its own branding.
Facebook has pulled out its pocketbook once more, acquiring popular GIF sharing platform Giphy for $400 million, reports said on Friday.
As per Axios who broke the story:
Facebook has made savvy purchases in the past, buying up Instagram and WhatsApp to bolster its social reach. While GIPHY is nowhere as front-facing as those two platforms, it's a supplementary service that makes these platforms (and others like Twitter) attractive and fun to use.
With even Google buying up Tenor, it became inevitable that another GIF company would be snapped up by a tech giant given enough time, and Facebook is a better fit than most.
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By Tammy Rogers