From Google News

Instagram has acquired Luma that created video-capture, stabilization and sharing app for mobiles. This is the first acquisition of the social network.

It is learned soon after the acquisition the Luma will be shut down. As of now it has been pulled out from the App Store and a source tells the iOS users will continue getting the support until December 31, 2013.

Tech focused blog TechCrunch writes, "We were tipped off to the acquisition, and Facebook has since confirmed that it is Instagram's first, and the deal is for both talent and technology. Terms of the deal were not disclosed."

Luma was in Y Combinator company before the acquisition and formerly part of Stanford's StartX accelerator. Its team writes, "Eighteen months ago, we embarked on a mission to make capturing and sharing beautiful videos easy without expensive software or heavy equipment. By joining the exceptionally talented team at Instagram, we're taking another big step towards realizing that mission."

Instagram will be using the Luma's technology in improving its own stabilization tech, which was launched in June this year alongside its new video sharing feature.

It is also assumed Instagram may use the non-disruptive video filtering technology of Luma that allows taking videos with filters turned on, but later removed after the recording is done. Apart from these, Luma also is equipped with a suite of video-editing tools to aid now the 130 million+ users of Instagram. The tools include sliders for changing saturation, contrast, brightness and exposure of videos.

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Nate Sterling started his career as a freelance writer for more than three decades. His talent was recognized by our founder Steve Parker who has invited him as an assistant. Nate now covers the U.S. news, World news, Business and Sport for Pentagon Post. He enjoys talking politics, delving into the the intriguing yet mysterious world of books, seeing masterpiece movies, and college football -- not necessarily in that order. He has a taste for fine wines, whenever he can lay his hands on some. He also enjoys long walks with his Dog Nico as well as Spending time on the beach with his girlfriend.