In a statement social network firm Reddit said, it would acquire TikTok rival short-video platform Dubsmash.
Although Reddit did not disclose the financial terms of the deal its spokeswoman said the acquisition was based on a combination of cash and stock.
TikTok’s proliferance has led many social media companies to add short-video services to their platforms, including Facebook Inc’s “Instagram Reels”, and Snapchat Inc’s “Spotlight”.
In a blog post Reddit said, the deal would give its users access to Dubsmash’s short-video creation tools, including editing capabilities.
Dubsmash would maintain its own platform and brand, said Reddit.
The company’s entire team, including co-founders Suchit Dash, Jonas Drüppel and Tim Specht, will be joining Reddit.