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Instagram's First Acquisition Is Video Sharing App Luma

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http://techcrunch.com – Instagram has just made its first acquisition, buying both the team and technology of Y Combinator company Luma (formerly known as Midnox). Luma created a video-capture, stabilization and sharing app, which will be shut down soon. In fact, one source tells us Luma’s stabilization technology is already live in Instagram. Luma’s iOS app has been pulled from the App Store but existing users will continue to be supported until December 31, 2013. Users can download their videos here. We were tipped off to the acquisition, and Facebook has since confirmed that it is Instagram’s fi (IT news)