Facebook buys Instagram for $1 billion

Facebook buys Instagram for $1 billion
Instagram has just been sold for $1 billion.

The massively popular photo-filter and sharing app has been sold to Facebook for the purchase price in cash and stock, just a week after becoming available on Android.

Says CEO Kevin Systrom of the move:

When Mike and I started Instagram nearly two years ago, we set out to change and improve the way the world communicates and shares. We've had an amazing time watching Instagram grow into a vibrant community of people from all around the globe. Today, we couldn't be happier to announce that Instagram has agreed to be acquired by Facebook.

Every day that passes, we see more experiences being shared through Instagram in ways that we never thought possible. It's because of our dedicated and talented team that we've gotten this far, and with the support and cross-pollination of ideas and talent at a place like Facebook, we hope to create an even more exciting future for Instagram and Facebook alike.

It's important to be clear that Instagram is not going away. We'll be working with Facebook to evolve Instagram and build the network. We'll continue to add new features to the product and find new ways to create a better mobile photos experience.

The Instagram app will still be the same one you know and love. You'll still have all the same people you follow and that follow you. You'll still be able to share to other social networks. And you'll still have all the other features that make the app so fun and unique.

We?re psyched to be joining Facebook and are excited to build a better Instagram for everyone.

Facebook on their part has said the app will be integrated into the Facebook network and their mobile experience.

Written by: Andre Yoskowitz @ 9 Apr 2012 13:27
Facebook acquisitions App instagram
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