Twitter has agreed to acquire SnappyTV, a live video platform, to boost its Twitter Amplify program, the company announced early Thursday. Terms of the deal were not immediately disclosed.
SnappyTV, founded in 2010, is a cloud-based platform that allows users to edit and share clips from TV broadcasts quickly. The platform is used by many brands and some of Twitter's media partners to share video clips in real-time and through Amplify, a program that let partners promote television clips on Twitter.
"As we continue to invest in video, it’s important for us to provide tools that make it easy for TV broadcasters, businesses, and event producers to share high-quality videos," Twitter said in ablog post announcing the deal. "To that end, we’ve agreed to acquire SnappyTV."
"With Twitter we will continue our commitment to maintaining an open platform for social broadcasting of live events, across a variety of digital platforms," the SnappyTV team said in ablog post. "Joining Twitter will allow us to provide an even better product and bring the platform to more content owners and event organizers throughout the world."
The deal marks the latest effort from Twitter to establish itself as a true social TV service in an effort to boost engagement and attract more television ad dollars. Twitter acquired two other social TV startups in March.
Twitter's stock was essentially flat in pre-market trading following the news.