Facebook has been pretty known for its way around acquisitions. And now, Giphy, a well-know gif search engine and platform provider, is added to the list. According to the report from Axios, Facebook has agreed to acquire it for $400 million.
The report also shows that the company is currently valued at $600 million and has attracted around $150 million in funding since 2013 when it was launched.
Giphy is the GIF provider in many well-known platforms like Instagram, Facebook, Twitter, Slack etc. Facebook intends to operate Giphy in its own branding, and people still will be able to upload their own GIFs. Giphy had also announced a partnership with TikTok last summer. It will be interesting to see how this will affect their collaboration with other competing platforms.
Giphy said that their team would be joining at Instagram according to their statement. And it shows that we will be able to see newer changes and features for Instagram stickers and GIFs, possibly some deeply integrated implementations for easier access.