Fortune is reporting that Snapchat has picked up Toronto-based Bitstrips in a deal valued at a whopping $100 million.
According to Fortune’s Dan Primack, the big money deal is to be paid out ‘in a mix of cash and stock’, yet it’s still not clear how Snapchat will be using its new partner.
Bitstrips is responsible for bitmoji, one of the most popular apps of 2014 that lets users create personalized avatars. After making their character, it’s possible for downloaders to place those images into a text message, status update or chat window.
The Snapchat app for Android already allows users to send emoji of course, but right now it’s not possible to share self-made cartoons with friends on your contacts list. Potentially, this latest move by Snapchat could change that.
Snapchat’s movements remind us of Facebook’s recent decision to pick up Masquerade, the ‘video selfie’ app that boasts a collection of fun and engaging filters to try out free of charge.
Fortune notes that a Snapchat spokeswoman declined to comment. Meanwhile, we’re yet to hear from Bitstrips founder Jacob Blackstock on the rumors.