Facebook acquires QuickFire Networks
January 9, 2015
By Colin Mann
Facebook has acquired video infrastructure specialist QuickFire Networks in a move that reflects the growing importance of video to the social networking site.
An announcement on QuickFire’s website from Craig Y. Lee, CEO, noted that QuickFire Networks was founded on the premise that the current network infrastructure is not sufficient to support the massive consumption of video that is happening online without compromising on video quality. “QuickFire Networks solves this capacity problem via proprietary technology that dramatically reduces the bandwidth needed to view video online without degrading video quality,” said Lee. “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,” he added.
“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,” he declared.
As part of the acquisition, some key members of the QuickFire team will be joining Facebook and QuickFire will wind down its business operations.