Facebook as part of its efforts to improve its GIF library had purchased Giphy, owner of the popular chat peppering tool. The move is considered to enhance messenger and Instagram chat features offered by Facebook INC.GIFs are animated images.
The companies did not disclose financial terms. Citing unnamed people familiar with the matter, Axios said the deal is valued around $400 million. Facebook said in a blog post-Friday that it plans to integrate Giphy into Instagram but added that Giphy will still work outside of Facebook’s properties.
Many of Facebook INCs services-Instagram, Facebook, Whatsapp, and Messenger already use GIFs to add fun and higher engagement in their chat boxes.