Facebook, in a clear signal of its expanding video ambitions, has acquired video-compression technology company QuickFire Networks.
Facebook did not disclose terms of the deal. San Diego-based QuickFire has developed technology to reduce bandwidth required to deliver video over the Internet.
Currently, Facebook serves an average of more than 1 billion videos per day. Under the Facebook deal, some "key members of our team will be joining Facebook and we will wind down our business operations," QuickFire CEO Craig Lee wrote in a post about the deal Thursday.
© 2015 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC
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