Facebook Has Acquired a Video-Compression Startup

Facebook has acquired a video-compression startup QuickFire Network. The startup provides technology aimed at speeding encoding of streaming video. 

The San Diego based QuickFire has developed a technology that reduces the bandwidth required to deliver video over the network. 

The acquisition is a clear indication about Facebook's intention to expand its video services. The largest social network on earth serves 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 blog post.

The technology, developed by QuickFire uses graphical processing unit technology along with software to help rapidly encode streaming video. 

The integration of Facebook and QuickFire would result in reduced buffering of videos on the site without any loss in quality.

Last year Facebook had also acquired a video-ad related startup LiveRail.

Financial terms of the deal were not disclosed.