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Facebook’s shares up by 1.2% after adding GIF company Giphy to its portfolio

Tech giant Facebook has reach out a deal with New York-based Giphy — whose trove of looping clips of cute animals, bizarre cartoon characters and mugging celebrities are popular on social media and messaging apps

GIPHY, was joining the company as part of the Instagram team. Though Facebook has not disclosed the worth of the deal report confirmed that it was a $400 million deal.

Shares of Facebook were up 1.2 percent Friday afternoon, trading at $209.19.

It will remain its own brand under the deal, but will become more tightly integrated into Facebook’s apps.

What is the function of GIPHY?

With GIPHY facebook said,  everyday conversations  are 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.

what important for facebook?

Fcebook said, the development would give tech company users to express themselves in the right way, as the acquisition would further integrate the user’s GIF library into Instagram.

the social media tech disclosed that it would invest further in its technology and relationships with content and PI partners and that users will still be able to upload GIFs, “developers and API partners will continue to have the same access to GIPHY’s APIs; and GIPHY’s creative community will still be able to create great content.

Among the popular GIFs on the platform are loops of Zuckerberg himself testifying on Capitol Hill, slowly drinking a glass of water and saying things like “That was a big mistake. And it was my mistake.”

People will still be able to upload GIFs; developers and API partners will continue to have the same access to Giphy’s APIs, and Giphy’s creative community will still be able to create great content.

NY Post

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