http://www.hollywoodreporter.com/news/facebook-acquires-instagram-1-billion-309621
Facebook has made its first significant purchase in its history, acquiring the hot mobile photo-sharing app Instagram for $1 billion.
Mark Zuckerberg announced the deal on Facebook, calling it an “important milestone” in the company’s history.
San Francisco-based Instagram has experienced tremendous growth since launching in 2010. The company has 30 million users, about double from the beginning fo the year.
Here’s Zuckerberg’s full announcement:
“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.