Snapchat has agreed to acquire Bitstrips, the Toronto-based maker of personalized emojis known as bitmojis, Fortune has learned from multiple sources.
The report goes on to note the deal is valued at around $100 million.
If true, Snapchat's motivations behind the reported acquisition remain unclear. However, the company has made a number of moves over the past year towards giving users more ways to customize their snaps with custom filters and the like. It's not hard to imagine a scenario wherein Bitstrips' expertise with helping users craft custom cartoon avatars would come in handy for Snapchat.
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