Facebook Buy Instagram
Facebook purchased the hugely prominent photo-sharing application Instagram Monday, for about $1 billion in a combination of cash money and stock.
Facebook Chief Executive Officer Mark Zuckerberg announced the purchase in a blog post on his Facebook Timeline Monday.
The sale is expected to shut later on this quarter, as well as will bring the nine-person team of Instagram to the social media network.
Facebook Buy Instagram
" For several years, we've focused on building the best experience for sharing photos with your family and friends," Zuckerberg said in the message. "Now, we'll have the ability to function much more closely with the Instagram group to also offer the very best experiences for sharing beautiful mobile pictures with individuals based upon your interests."
Zuckerberg took place to say that the firm will certainly be building on Instagram's strengths as well as functions and also expanding the app individually rather than "just trying to integrate every little thing into Facebook."
Facebook plans on keeping attributes within the application that enable images to be published on other social networks, and the capacity to have fans as well as follow people that are not always your Facebook friends.
" We will attempt to learn from Instagram's experience to construct similar attributes right into our various other items," Zuckerberg claimed. "At the same time, we will attempt to aid Instagram continue to expand by using Facebook's strong design team and also infrastructure."
Instagram CEO Kevin Systrom resembled Zuckerberg's statements on the Instagram business blog adding "We're upset to be joining Facebook as well as are excited to construct a much better Instagram for everyone."
Instagram released its iphone app in October 2010, and came to Android for the first time recently.
This is the first time Facebook has gotten a company or product with many users. "We don't intend on doing many more of these, if any type of at all." Zuckerberg said. "But giving the very best image sharing experience is one reason many individuals like Facebook and also we knew it would deserve bringing these 2 business with each other."