Instagram sold to Facebook
Facebook purchased the hugely preferred photo-sharing application Instagram Monday, for about $1 billion in a combination of money as well as stock.
Facebook CEO Mark Zuckerberg announced the purchase in a blog post on his Facebook Timeline Monday.
The sale is anticipated to shut later on this quarter, as well as will bring the nine-person team of Instagram to the social media.
Instagram sold to Facebook
" For years, we've focused on developing the best experience for sharing photos with your family and friends," Zuckerberg claimed in the article. "Currently, we'll be able to work a lot more carefully with the Instagram group to additionally use the very best experiences for sharing lovely mobile images with people based upon your rate of interests."
Zuckerberg took place to say that the company will certainly be building on Instagram's strengths as well as functions and also expanding the app independently as opposed to "simply attempting to integrate everything right into Facebook."
Facebook intends on keeping attributes within the app that permit pictures to be published on various other social networks, and the capability to have fans and comply with individuals that are not necessarily your Facebook friends.
" We will try to learn from Instagram's experience to build similar functions into our various other products," Zuckerberg said. "At the same time, we will certainly try to aid Instagram remain to grow by using Facebook's solid engineering team and also infrastructure."
Instagram Chief Executive Officer Kevin Systrom resembled Zuckerberg's statements on the Instagram company blog site adding "We're psyched to be joining Facebook as well as are delighted to develop a far better Instagram for every person."
Instagram released its iOS app in October 2010, as well as came to Android for the first time last week.
This is the very first time Facebook has actually gotten a business or item with so many individuals. "We do not plan on doing a lot more of these, if any type of in any way." Zuckerberg said. "However offering the best photo sharing experience is one reason numerous individuals enjoy Facebook as well as we understood it would deserve bringing these two firms with each other."