Facebook has acquired QuickFire Networks, a San Diego based video infrastructure company for an undisclosed amount, according to a media statement release by QuickFire. “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,” said Craig Y. Lee, Chief Executive Officer of QuickFire in a statement released on its website.
Following the acquisition, some key members of the QuickFire team will join Facebook and QuickFire Network will wind down its business operations. Facebook seeks to expand its video network via this acquisition and it will help users to reduce the buffering of video content without compromising with the quality.
QuickFire Networks was founded on the premise that the current network infrastructure is not sufficient to support the massive consumption of video that’s happening online, without compromising on the video quality. It uses the technology to solve the capacity issues by reducing the bandwidth that is needed to view videos online without degrading video quality.
“Over the past few years, the team has worked hard to meet the demanding needs of content creators around the world. Ultimately our goal has always been to provide a premium quality, immediate, bandwidth-friendly video experience to consumers,” Mr Lee added in a statement.
Meanwhile, Facebook declined to divulge any further details of the deal.