The social media war seems to be going on greater heights with each passing day. Facebook Inc (NASDAQ:FB) has already made available live video streaming facility to its users, and it seems that Twitter Inc (NYSE:TWTR) doesn’t want to be left behind. According to reports, Twitter has paid close to $100 million to acquire Periscope, live video streaming application developer.
Companies often make things public when they acquire any company, but Twitter doesn’t believe in this phenomenon. Reports published by the Wall Street Journal claim that this deal was executed in the last month, but Twitter didn’t let the news go public. The reason for this secrecy is not yet known. People close to this matter have made public that the total amount paid by the company was little lesser than $100 million, both in the form of cash and stock.
Periscope is a startup that looks after the development of mobile applications responsible for live video streaming. It was founded by two tech enthusiasts Kayvon Beykpour and Joe Bernstein sometime back. Currently, Periscope is trying to develop a mobile centered application that will make it possible for users to stream live videos on their mobiles without any hassle. The application has not yet been tested by the company as the beta tests are going on.
As per the reports of the prominent publisher, one of the beta testers is Jessica Verrilli, Director, Corporate Development Team, Twitter. The entire senior management of Twitter looks interested in this deal as after Verrilli, other executives including Dick Costolo has also joined the party. It was the last week when the news of Twitter’s latest acquisition was published online by the rumor mill. Reports claimed that there were quite a few other options as well, including Meerkat that attracted tech community lately. Management of Twitter Inc (NYSE:TWTR) feels that this acquisition will enhance the overall consumer experience in the future.