Instagram Makes Its First Ever Acquisition- Luma


Instagram Makes Its First Ever Acquisition- Luma

Bangalore: In its first ever acquisition, Instagram has took over Luma, a video sharing company that provides stabilization for video recording. The acquisition is reportedly to strengthen the Facebook-owned company’s video service.

According to Luma’s blog post, "We're excited to announce that we have been acquired by Instagram. Eighteen months ago, we embarked on a mission to make capturing and sharing beautiful videos easy without expensive software or heavy equipment. By joining the exceptionally talented team at Instagram, we're taking another big step towards realising that mission. We're incredibly excited to be able to help make a product that is already used and loved by millions of people even better."

According to AllthingsD, terms of the deal were not disclosed. However, Luma has already informed the users about shutdown and given them time till December 31 of 2013 to download their videos. Luma’s technology can process real-time cinematic process like filters, effects and video stabilization.