Snapchat pays $100 million to acquire Canadian startup Bitstrips

Snapchat pays $100 million to acquire Canadian startup Bitstrips

In a recent report, Fortune -- and the Wall Street Journal -- has revealed that ephemeral video messaging Snapchat has acquired Canadian startup Bitstrips for a whopping $100 million, in a cash and stock deal. Bitstrips is a Toronto-based company which is famous for its ‘Bitmoji’ mobile app.

The apparent reason behind Snapchat’s move to purchase Bitstrips for $100 million is that Bitstrips’ Bitmoji app is quite popular among smartphone users. The downloading of the app gives smartphone users the ability to design their own personalized avatar, with a wide array of face shapes, hairstyles, hair colors, eye colors, and several other features.

The personalized avatar created with the help of the Bitmoji app can be added by the smartphone users as a third-party keyboard on their devices, for the purpose of sending the Bitmojis on nearly all apps which support emojis.

Since the working of the Bitmoji mobile app is quite similar to that of a personalized emoji keyboard, the app has increasingly been gaining popularity in recent times, especially among users of social networking sites, and has made Bitmoji a kind of “digital identity.”

Though Snapchat has not officially disclosed its key motive behind the acquisition of Bitstrips, it is speculated that Bitstrips’ specialization in helping smartphone users create custom cartoon avatars would evidently add more customization for Snapchat.