Instagram Acquires Luma Video Sharing App

By Gilbert Falso :: 5:07 PM

Instagram yesterday announced that it has made its first acquisition, the video sharing application Luma.

The deal included both the team at Luma as well as the technology, with the standalone Luma app being pulled from the marketplace shortly.

Some sources claim that technology in Luma, that assisted with image stabilization, has already been worked into the Instagram app.

In a statement released on the situation, Luma’s management team said, “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.”

Neither Instagram nor Luma would disclose the terms of the deal.

Luma had been named one of the top 10 startups from Y Combinator’s Demo Day in 2012.