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August 24, 2013 02:11 am GMT

Instagram's First Acquisition Is Video Sharing App Luma

Instagram LumaInstagram has just made its first acquisition, buying both the team and technology of Y Combinator company Luma (formerly known as Midnox). Luma had created a video capture, stabilization, and sharing app, which will be shut down soon. In fact, one source tells us Luma's stabilization technology is already live in Instagram.

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