Social network operator Facebook Inc said it bought QuickFire Networks, a startup that helps view high-quality video with low bandwidth. QuickFire announced the acquisition on its blog on Thursday.
Facebook and QuickFire did not disclose the terms of the deal.
Facebook’s acquisition of the video technology company comes a day after it said in a blog it averaged more than 1 billion video views every day since June 2014.
Here’s what QuickFire CEO wrote in his blog on Facebook acquisition:
We’re excited to announce today that we are joining Facebook.
QuickFire Networks was founded on the premise that the current network infrastructure is not sufficient to support the massive consumption of video that’s happening online without compromising on video quality. QuickFire Networks solves this capacity problem via proprietary technology that dramatically reduces the bandwidth needed to view video online without degrading video quality. Over the past few years, the team has worked hard to meet the demanding needs of content creators around the world. Ultimately our goal has always been to provide a premium quality, immediate, bandwidth-friendly video experience to consumers.
Now we’re ready to take the next step in our growth. Facebook has more than one billion video views on average every day and we’re thrilled to help deliver high quality video experiences to all the people who consume video on Facebook.
As part of this, some key members of our team will be joining Facebook and we will wind down our business operations. We will be reaching out to individual customers and partners, but if you have any questions or concerns, don’t hesitate to let us know by emailing us at email@example.com.
Craig Y. Lee, CEO