Facebook is reportedly acquiring Giphy, the popular GIF sharing platform. Giphy, founded in 2013, has become a leading platform for sharing GIFs in recent years.

It is now being acquired by Facebook, reports Axios. Both the companies are yet to officially announce the new acquisition, but Facebook is apparently acquiring Giphy for $400 million.

Axios notes that Giphy’s most recent private valuation was roughly $600 million. The companies had started discussing a potential partnership before the COVID-19 pandemic.

Facebook plans to integrate Giphy into Instagram, and possibly its other applications. Giphy already powers Instagram’s GIF-related features, by the way. Giphy has a pretty extraordinary library of GIFs and it even works with artists and popular brands to make some really unique GIFs.

Giphy also makes its GIFs available to third-party apps via an official API, and it is used in lots of popular apps such as Twitter, Slack, etc. The report claims that Giphy will continue to retain its own branding after the acquisition.

Tagged with Facebook, Giphy