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Facebook is reportedly buying animated-image database Giphy for $400 million. Under the deal, New York-based Giphy — whose trove of cute animals, bizarre cartoon characters and mugging celebrities are popular on social media and messaging apps — will remain its own brand, but would be primarily integrated through Facebook-owned Instagram. “GIPHY makes everyday conversations more …
Facebook is reportedly buying animated-image database Giphy for $400 million.
Under the deal, New York-based Giphy — whose trove of cute animals, bizarre cartoon characters and mugging celebrities are popular on social media and messaging apps — will remain its own brand, but would be primarily integrated through Facebook-owned Instagram.
“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,” Instagram vice president of product Vishal Shah said in a blog post.
The acquisition, first reported by Axios, would see Giphy continue to manage and operate its own library, according to Facebook. Giphy’s GIF library, which is available to other social networks like Twitter, will still be accessible.
Giphy had raised around $150 million in private funding from venture-capital firms like Betaworks, Lerer Hippeau and Lightspeed Venture Partners. Its most recent private valuation was around $600 million, according to Axios.
Shares of Facebook were down 0.4 percent Friday morning, trading at $205.92.
