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#Business

Facebook bags online video startup QuickFire Networks

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Facebook on Thursday announced it has acquired QuickFire Networks, a San Diego-based video processing and transcoding startup that specialises in delivering high-quality video at low bandwidth requirement.

“Video is an essential part of the Facebook experience. We are excited to bring QuickFire Networks on board as we continue delivering a high quality video experience,” Facebook said in a statement.

QuickFire announced the deal on its blog on Thursday which read “We’re excited to announce today that we are joining Facebook.”

“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.”

As part of the acquisition deal, QuickFire’s key member team of roughly 20-employees will join Facebook as the company winds down its business operations, said QuickFire CEO Craig Lee in the company’s announcement.

They’ll be joining Facebook at its headquarters in Menlo Park, California, as well as in Seattle.

The startup’s technology “that dramatically reduces the bandwidth needed to view video online without degrading video quality” will help the social networking giant in expanding the feature to emerging markets, where connections are slow.

Facebook recently announced it has more than 1 billion video views on average each day.

Financial terms of the deal remain undisclosed.