Snapchat buys Canadian company for $100 million deal

Toronto-based online comic strip maker, Bitstrips has recently been acquired by social media giant, Snapchat for a deal of around $100 million USD in cash and stock according to Fortune on March 24. 

With mobile apps becoming more important to life rather than computers, companies are rushing to join in on the mobile app business and Snapchat is no slacker and has started to slowly expand its app with face manipulation features and even live-snapchats to stay on the latest trends. 

After contacting Bitstrip’s Press, they stated they have no comment at this time which means a follow-up article may be required.

In other news, just today March 25 according to TechCrunch, Snapchat earned the title of #1 free application on the entire US iTunes app store for roughly 2 hours, the short time as #1 is due to the competition, Instagram, Facebook, etc. 

We still have no idea what Snapchat will do with Bitstrip’s “Bitmojis” which we guess is what Snapchat bought them for but some speculate that Snapchat might integrate the Bitmojis into their large collection of Emojis that Snapchatters can use to customize their photos.

Sources:

http://fortune.com/2016/03/24/exclusive-snapchat-buys-bitmoji-maker/

http://techcrunch.com/2016/03/25/snapchat-briefly-snags-the-number-one-spot-on-u-s-app-store-for-the-first-time/ 

Angus

Angus is the Editor-In-Chief and creator of Technology Is Key. He enjoys tech and business and also runs Adventure Bitcoin.

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