Social network giant Facebook has yet another addition to its wide array of company acquisitions, its latest buyout was QuickFire Networks, a video company that streamlines faster video bandwidth without sacrificing its overall quality.
The acquisition was confirmed by QuickFires Chief Executive Officer Craig Y. Lee, he shared that the startup company was acquired by Facebook for an undisclosed amount and will help Facebook in handling its video services.
Recent Facebook statistics shows that more than one billion videos are being accessed by its users on a daily basis and with this massive amount it could sometime hamper the overall video qualities released by the website especially to those regions with slow internet connection. This simply shows that videos already plays an integral part in the overall interact of a Facebook user. On this aspect is where QuickFire Networks jumps in, the company although new, is already known for delivering faster video streaming bandwidth without sacrificing its quality.
Facebook's decision to acquire QuickFire might be in response to an earlier rumor that its close competitor Twitter is already developing its very own video service that could rival that of Facebook and even YouTube. Although Twitter has yet to confirm the rumors, its plans for the future has been steadily circulating in the tech community.
On its latest report, Facebook revealed that video posts on its website has surged significantly by up to 75 percent on global regions while within the U.S. territories it has increased to 94 percent.
QuickFire is not the very first acquisition of Facebook to help its video services. Last July, Facebook acquired LiveRail which is a video advertising company. Earlier this Jan. Facebook also bought Wit.ai, a company that is developing a technology that allows app developers to integrate a language processing to their apps, a technology that resembles that of Siri.