Facebook Acquires Instagram Photo Sharing Application For $1 Billion Dollars

Earlier today i woke up to  come across an awesome information concerning Facebook acquiring instagram application for 1  billion dollars.

After some major researches on the internet i realize that what this actually entails is that Facebook bought instagra.

Facebook has announced today that it will spend a staggering $1 billion to aquire Instagram, a popular photo-sharing app for mobile devices.

The total consideration for San Francisco-based Instagram is approximately $1 billion in a combination of cash and shares of Facebook.

The deal comes days after the service began offering a version for
Android phones. The payment will be in cash and Facebook stock.

facebook buys instagram for 1 billion dollar

Instagram was only launched in October 2010 – initially just for the iPhone before being offered as an Android app last week.


facebook ceo mark zuckerberg

 Mark Zuckerberg, founder and CEO of Facebook, posted about the transaction on his Timeline:

I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.

For years, we’ve focused on building the best experience for
sharing photos with your friends and family. Now, we’ll be able to work
even more closely with the Instagram team to also offer the best
experiences for sharing beautiful mobile photos with people based on
your interests.

We believe these are different experiences that complement each
other. But 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.

That’s why we’re committed to building and growing Instagram
independently. 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.

We think the fact that Instagram is connected to other services
beyond Facebook is an important part of the experience. We plan on
keeping features like the ability to post to other social networks, the
ability to not share your Instagrams on Facebook if you want, and the
ability to have followers and follow people separately from your friends
on Facebook.

These and many other features are important parts of the
Instagram experience and we understand that. We will try to learn from
Instagram’s experience to build similar features into our other
products. At the same time, we will try to help Instagram continue to
grow by using Facebook’s strong engineering team and infrastructure.

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.
We don’t plan on doing many more of these, if any at all. But providing
the best photo sharing experience is one reason why so many people love
Facebook and we knew it would be worth bringing these two companies
together.

We’re looking forward to working with the Instagram team and to
all of the great new experiences we’re going to be able to build
together.

Instagram had 13 employees at the time of acquisition and over 30 million users.

In April 2012, it was announced that over 30 million accounts were set up on Instagram.

Instagram’s new Android version in Google Play crossed more than 1 million downloads within 12 hours

Isn’t that awesome? Now all we need do is wait and watch where this whole thing takes us to.


Cheers!

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