In a major step to consolidate its video services, social media giant Facebook has finalised the deal with Masquerade Technologies Inc, which is famed for creating popular face-swapping app MSQRD. The development comes three years after photo and video messaging app Snapchat trashed the offer presented by Facebook.
Confirming the deal Masquerade has made announcement on its website however it consciously avoided to quote the deal amount.
The deal is more a piece of Facebook’s bigger effort to innovate into video, Monness, Crespi, Hardt, & Co Inc analyst James Cakmak said.
It is unlikely that Facebook would use Masquerade to significantly draw away Snapchat users, he said.
While Snapchat has features such as bulging eyes, Masquerade allows users to add special effects including animal masks and snow to their photos and video.
Masquerade, backed by Yuri Gurski and Gagarin Capital, said founders Eugene Nevgen, Sergey Gonchar and Eugene Zatepyakin will join Facebook.
The app will continue as a standalone product, Masquerade said.