QuickFire Networks Acquired By Facebook

San Diego-based QuickFire Networks, a developer of technology being aimed at speeding encoding of streaming video, has been acquired by Facebook, the company announced on its website Thursday. Financial terms of the buy were not disclosed. QuickFire Networks, which was led by Craig Y. Lee, said it would be winding down its business operations, and that key members of its team will be joining Facebook to work on the company's video streaming efforts. QuickFire used graphical processing unit technology (GPUs) combined with software to help rapidly encode streaming video.