Facebook Inc. (FB), announced on Thursday, that it has purchased startup QuickFire Networks.

QuickFire is a startup that has developed software to quickly encode videos without losing quality. Some members of the team will move to Facebook as part of the acquisition and the startup will eventually close down. The software will allow users to post more to the social media website quicker, reports Wired.

Financial details regarding the purchase of Quickfire by Facebook were not disclosed. The Quickfire team is made up of about 20 people, PC World notes.

Facebook is seeing more and more users posting and watching videos on its website. The company recently announced that users are posting 75% more videos around the world. It also said that the average users watches at least one video a day via its service, reports Wired.

FB shares were up 2% on Thursday following new of the Quickfire purchase.

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