Facebook announced on Friday to buy the popular GIF platform Giphy. The social networking giant said Giphy will join the company as part of the Instagram team.
“By bringing Instagram and GIPHY together, we can make it easier for people to find the perfect GIFs and stickers in Stories and Direct,”
The deal is valued at around $ 400 million, according to Axios, who previously reported on the acquisition. According to reports, the two companies had already before.
Giphy said in a blog post that its platform will remain “open to the entire ecosystem,” and assured people that the GIFs, stickers, emojis, and other content they created would not go away.
Facebook said plans to integrate Giphy’s library of GIFs into Instagram and other apps.