Alex Chung, Founder, GIPHY, on ContentMakers stage during day two of Web Summit 2019 at the Altice Arena in Lisbon, Portugal.
Sam Barnes | Getty Images
Facebook announced Friday it is acquiring the animated-picture platform Giphy.
Axios first reported the deal early Friday and said it is valued at roughly $400 million.
Facebook said its planning to further integrate Giphy into the Instagram app “so that people can find just the right way to express themselves.” Giphy will continue to operate its library, Facebook said.
Giphy integrates with other social networks, like Twitter, and it’s unclear if Facebook will end those relationships to keep Giphy only on Facebook’s apps.
Facebook has long used Giphy’s application program interface throughout its main Facebook app, Messenger, Instagram and WhatsApp. Facebook first attempted to acquire Giphy in 2015. Giphy at the time reportedly declined the offer in order to pursue partnering with various social media companies and soon after raised $17 million in Series B funding.
This story is developing.
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