Facebook Acquired GIPHY for $400 million
Social media platform Facebook had acquired the animated graphics startup GIPHY for $400 million. However, the Terms of the deal were not disclosed.
GIPHY is known for its use of stickers and other products using the graphics interchange format or GIFs.
Facebook would integrate Giphy's animated graphics in its social network platform Instagram.
"GIPHY, a leader in visual expression and creation, is joining the Facebook company today as part of the Instagram team," Facebook said in a statement.
"GIPHY makes everyday conversations more entertaining, and so we plan to further integrate their GIF library into Instagram and our other apps so that people can find just the right way to express themselves.
Facebook also said in its press release that 50% of GIPHY’s traffic comes fr...