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Facebook has acquired Giphy, and will fold the a GIF library and creator platform into its Instagram team.
Neither company would confirm financial terms of the deal, reportedly worth $400 million, according to Axios.
Giphy said the majority of its team will join Instagram, and senior director of communications Natalie Vegel added, “For those employees who will not be joining Instagram, we’ve taken extra steps to provide them with generous severance packages in order to ensure as much of a smooth career transition path as possible.”
The Giphy staff making the move will eventually relocate to Instagram’s offices in New York (Giphy is also headquartered in the city), but the timing has yet to be determined.