Facebook announced today it is acquiring the animated-picture platform Giphy. On Friday Axios first reported the deal early and said it is valued at roughly $400 million. Facebook said its planning to further integrate GIF company 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 is a searchable library of animated GIFS that have integrated with a variety of apps, such as Slack and Twitter. 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, two years after it was founded.
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.