INSTAGRAM MAKES BOLD MOVE BY ACQUIRING LUMA TO BETTER IT'S VIDEO SERVICE

INSTAGRAM

 In what is seen as an attempt to better its video-service, Instagram has acquired a startup company called Luma - a service that provides stabilization for video capturing.
The acquisition has been announced by Luma in a blog post. 
 
"We're excited to announce that we have been acquired by Instagram. Eighteen months ago, we embarked on a mission to make capturing and sharing beautiful videos easy without expensive software or heavy equipment. By joining the exceptionally talented team at Instagram, we're taking another big step towards realizing that mission. We're incredibly excited to be able to help make a product that is already used and loved by millions of people even better," said the startup in a blog post.
 
Luma has announced that the service will not be available after December 31, 2013. The company gives users a link to download their videos from.