Facebook Bought Instagram
Facebook purchased the widely popular photo-sharing app Instagram Monday, for approximately $1 billion in a mix of cash as well as supply.
Facebook CEO Mark Zuckerberg announced the acquisition in a blog post on his Facebook Timeline Monday.
The sale is expected to close later on this quarter, and also will bring the nine-person team of Instagram to the social media.
Facebook Bought Instagram
" For years, we have actually focused on developing the very best experience for sharing pictures with your friends and family," Zuckerberg claimed in the post. "Currently, we'll be able to work a lot more carefully with the Instagram group to additionally offer the best experiences for sharing stunning mobile images with individuals based upon your passions."
Zuckerberg took place to state that the company will certainly be improving Instagram's toughness and also features and also growing the application individually rather than "just trying to incorporate everything into Facebook."
Facebook plans on maintaining features within the application that enable photos to be released on various other social media networks, as well as the capability to have fans as well as comply with people that are not necessarily your Facebook pals.
" We will attempt to learn from Instagram's experience to develop comparable features into our various other items," Zuckerberg said. "At the same time, we will try to aid Instagram continue to expand by utilizing Facebook's solid design team and also infrastructure."
Instagram CEO Kevin Systrom echoed Zuckerberg's statements on the Instagram company blog adding "We're upset to be signing up with Facebook and are excited to construct a much better Instagram for everyone."
Instagram released its iOS application in October 2010, and concerned Android for the very first time last week.
This is the first time Facebook has actually acquired a business or product with numerous customers. "We do not plan on doing many more of these, if any at all." Zuckerberg stated. "Yet giving the very best picture sharing experience is one reason many people like Facebook as well as we understood it would be worth bringing these 2 companies with each other."