Twitter snaps up live video streaming app developer Periscope

The company has reportedly acquired the startup which is still in the beta stage of testing its app.

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Twitter has acquired Periscope in a quiet deal worth approximately $100 million.

According to the Wall Street Journal, sources familiar with the matter say the deal was secretly penned and closed last month. The microblogging platform reportedly paid a little less than $100 million for the startup, in the form of cash and stock.

Startup Periscope, ran by co-founders Kayvon Beykpour and Joe Bernstein, is a company currently developing a mobile application for live video streaming. However, the app has not yet been released to the public and is still in beta testing with select users.

The publication says a director of Twitter's corporate development team, Jessica Verrilli, is among the early testers of the beta app -- and was quickly joined by other Twitter executives including CEO Dick Costolo.

The potential acquisition of Periscope by Twitter appeared in the rumor mill last week. TechCrunch reported the firm's interest at the time alongside the possibility of buying Meerkat, another live streaming app which has recently attracted the attention of the tech community.

As Twitter is a live, real-time communications platform, exploring the live video industry makes sense. The company has been experimenting with allowing users to upload videos to its platform, launching a consumer-based video feature in January this year. Twitter now allows users to include 30 seconds of video within your tweet, cutting away the requirement of using Vine, YouTube and uploading footage separately before linking to it.

Periscope is not the only video-based startup potentially acquired by Twitter. In June last year, Twitter acquired San Francisco-based startup SnappyTV, a company which developed real-time editing of footage -- technology which found itself within Twitter's video service.

Read on: In the enterprise

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