Facebook-owned Instagram is absorbing the technology and team behind Luma, a camera application specializing in cinematic video stabilization, filters, and effects. Terms of the deal were not disclosed.
"We're excited to announce that we have been acquired by Instagram," Luma announced Friday. Facebook confirmed the acquisition to CNET but declined to comment beyond the statement posted to Luma's Web site.
Eighteen-month-old Luma seems like a wise addition to Instagram and its video offering, which already comes with a "cinema" feature for auto-correcting shaky footage. Luma's iPhone application, which is being shuttered at the … Read more