The video this transcript is based on appeared on January 6.

NEW YORK (TheStreet) -- Apple (AAPL) confirmed it's purchased Snappy Labs, the company behind the SnappyCam app, which is known for its ability to take photos in rapid succession.

VIDEO TRANSCRIPT:

Released last year, the app makes it possible to take more high resolution photos per second than Apple's own iPhone cameras. SnappyCam's shooting speed had previously been available only on professional cameras -- and according to SnappyCam creator John Papandriopoulos, it was able to deliver over 250% faster continuous shooting performance on the iPhone 5.

SnappyCam has been removed from the Apple App Store, where it had retailed for $0.99.  While Apple has not commented on the purpose of the acquisition, many speculate the company will attempt to build the technology into its various devices. 

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.

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