Facebook is buying the popular animated-picture platform GIPHY for $400 million, with plans to integrate its ever-expanding library into Instagram and other Facebook apps.
Facebook's Vice President of Product Vishal Shah confirmed the acquisition, which was first reported by Axios on Friday, in a blog post on the company's website.
"GIPHY, a leader in visual expression and creation, is joining the Facebook company today as part of the Instagram team," Shah said. "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."
GIPHY is one of the largest, most popular GIF sites on the internet, allowing users to customize and share GIFs across a broad range of social media apps.
Prior to the coronavirus pandemic, Facebook and GIPHY had engaged in business conversations, although the discussions were more about a partnership than an acquisition.