Giphy is one of the largest social GIF-making platforms on the internet providing tools for creating, remixing and sharing GIFs. Now, Facebook has confirmed that it will acquire Giphy for a sum of around $400 million (nearly €370 million), revealed Axios. But there is no official word from the social networking giant regarding the terms of this deal.
For years, Facebook has been working with Giphy’s API for sourcing GIFs within its apps such as Facebook, Messenger, WhatsApp, and Instagram. It has been revealed that 50% of the overall Giphy traffic comes from Facebook’s apps with Instagram contributing to half of this traffic.