“Excited to officially welcome @periscopeco to the Twitter team. Can’t wait for everyone to see what they’ve built!” tweeted Twitter product vice president Kevin Weil.
Twitter did not release details about the deal, but media reports said Twitter was paying between $50 million and $100 million for the app, which is still in the testing phase and has only been available by invitation.
The news comes amid growing interest in live video sharing, and a rush of users to another streaming app called Meerkat, described by news website The Verge as “a sensation on Twitter.”
It was not immediately clear if Twitter would maintain Periscope as an independent app or integrate it into the messaging platform.
Twitter declined to comment on its plans.
Periscope, based in San Francisco, also confirmed the purchase after several days of news reports on the subject, indicating the deal dated back to January.
“You may have heard some news: It involves a blue bird. #YouCanGuessTheRest #WeJoinedTheFlockInJanuary,” the company tweeted.
— Kevin Weil (@kevinweil) March 13, 2015
— Periscope (@periscopeco) March 13, 2015