Snapchat reportedly acquires Bitstrips for around $100 million

Snapchat has reportedly agreed to acquire Bitstrips, the company behind the popular Bitmoji mobile app. The news, which has yet to be confirmed by either company, comes from Fortune:

Snapchat has agreed to acquire Bitstrips, the Toronto-based maker of personalized emojis known as bitmojis, Fortune has learned from multiple sources.

The report goes on to note the deal is valued at around $100 million.

If true, Snapchat's motivations behind the reported acquisition remain unclear. However, the company has made a number of moves over the past year towards giving users more ways to customize their snaps with custom filters and the like. It's not hard to imagine a scenario wherein Bitstrips' expertise with helping users craft custom cartoon avatars would come in handy for Snapchat.

Dan Thorp-Lancaster