Facebook just announced that they would be acquiring photo-sharing app, Instagram for an estimated $1 billion in ” a combination of cash and shares of Facebook.”
Facebook CEO, Mark Zuckerberg, announced the acquisition on his timeline saying “in order to do this well, we need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook.”
He went on to state “millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.”
The news comes shortly after the Android version became available adding to its over 25 million users.
Even with the acquisition, they plan to keep the apps built-in abilities to share photos on other social networks.
Source: Facebook
Tags : acquisition, Facebook, instagram
