Investments, Startups

Facebook Acquires Video Compression Startup QuickFire Networks

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Facebook has acquired video compression startup QuickFire Networks, for an undisclosed amount. This acquisition is Facebook’s second this week. On Monday, Facebook acquired a Palo-Alto based voice recognition startup, Wit.ai.

As a part of the deal, some key members of QuickFire’s team will be joining Facebook and the startup will wind down its business operations.

“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,” QuickFire’s CEO Craig Y. Lee wrote on its website.

QuickFire claims its technology can quickly convert video formats and allows them to be downloaded with less bandwidth and provides a premium quality video experience to users.

Last year Facebook changed its service so that when user upload a video directly to Facebook, it auto-plays in news feed. Also, the company has been making a push to get its users to upload videos directly to its site instead of linking to videos on other sites. QuickFire’s technology could help speed up that process and, this move is a good news for Facebook Users in countries where bandwidth is more scarce.

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Image Source: Adweek.com

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