Facebook Is Going Big On Video, Acquires QuickFire Networks

Justin Sullivan/GettySAN FRANCISCO, CA - APRIL 30: Facebook CEO Mark Zuckerberg delivers the opening kenote at the Facebook f8 conference on April 30, 2014 in San Francisco, California. Facebook CEO Mark Zuckerberg kicked off the annual one-day F8 developers conference. (Photo by Justin Sullivan/Getty Images)

Facebook has acquired video services company QuickFire Networks. 

QuickFire Networks CEO, Craig Y. Lee, announced the acquisition on the QuickFire website:

We're excited to announce today that we are joining Facebook.

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 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. 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.

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.

As part of this, some key members of our team will be joining Facebook and we will wind down our business operations. We will be reaching out to individual customers and partners, but if you have any questions or concerns, don't hesitate to let us know by emailing us atinfo@quickfirenetworks.com.