Facebook is purchasing the San Diego, California-based web video startup QuickFire Networks for an undisclosed amount. The company announced the acquisition on its website today, saying that "key members" of its team will be joining the social networking giant as it "winds down operations."
QuickFire is known for its propriety software tech that significantly reduces the bandwidth needed to view video online without degrading its quality. The startup will help Facebook build an infrastructure capable of supporting the massive influx of video consumption it's currently experiencing.