According to Fortune, Bitstrips has been purchased by Snapchat for approximately $100 million USD. The deal is a mix of both cash and stock, but both companies declined to comment on the transaction to various publications.
Bitstrips is a Toronto-based company that started in 2007 that allowed users to create personalized digital comics and share them with friends on Facebook and other social media platforms. In 2014, the company shifted its focus to mobile and launched personalized emojis (Bitmojis) through iOS and Android.
Bitmoji is an emoji app that leverages millions of avatars created in Bitstrips to add a personal touch to messaging. There is no indication yet how Snapchat will integrate Bitstrips into its experience.
Bitstrips raised over $15 million in VC funding from Kleiner Perkins Caufield & Byers and Horizons Ventures.
The question now becomes: emoji or GIFs?