pic : Screenshot from http://instagr.am/
Facebook Inc has agreed to buy the Instagram photo-sharing/editing mobile application for about $1 billion in cash and stock. Facebook CEO Mark Zuckerberg posted about the acquisition on his profile: "I’m excited to share the news that we’ve agreed to acq
“This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users ,'' Zuckerberg added. “
We don't plan on doing many more of these, if any at all.
Recognizing fears Instagram would simply be absorbed into Facebook, Zuckerberg also wrote “we’re committed to building and growing Instagram independently.” Facebook said the transaction will likely close by the end of June.
Instagram, which has been described as the default photo app for smartphones, has gained 30 million users since it was first launched in Apple’s App Store in October 2010.
After being released on the Google-owned Android platform, the app surpassed 1 million downloads in less than 24 hours.
Instagram allows users to take pictures and edit them with 17 filters. Two such filters provided a retro feel reminiscent of both Polaroid and Kodak Instamatic cameras.
The acquisition is also likely to boost Facebook’s upcoming IPO (initial public offering) as Instagram’s team of 10, as well as its millions of users, will now fall under the massive social networking service's umbrella.
Facebook is expected to complete its initial public offering of stock next month.