Facebook Acquires Cloud Video Gaming Company PlayGiga

Wall Street learned this week that social media giant Facebook has acquired Spanish cloud video gaming company PlayGiga.

A spokesperson for Facebook confirmed to CNN that it had acquired the Madrid-based company that specializes in cloud gaming.

Spanish business newspaper Cinco Dias had reported late last week that the acquisition was coming and that the price was approximately 70 million euros, or rough $78 million.

“We’re thrilled to welcome PlayGiga to the Facebook Gaming team,” the Facebook spokesperson said, declining to comment on the price.

“We are excited to announce that the PlayGiga team is moving on to something new,” PlayGiga says on the main page of its website. “We are continuing our work in cloud gaming, now with a new mission. We want to thank all of our partners and customers for their support over the years.”

PlayGiga was founded in 2013.
Disclaimer: We have no position in Facebook, Inc. Common Stock (NASDAQ: FB) and have not been compensated for this article.