Facebook Acquires Instagram for $1 Billion
According to the Wall Street Journal, Facebook has acquired photo start-up Instagram for $1 Billion in cash and stock. Its largest deal ever, Facebook no doubt felt the pressure from this new photo-based social media company as it was growing by millions of users per day—attracting both celebs and everyday users to the service.
The source said the deal will close later in the 3rd quarter of 2012, just a few months from the time of this writing. Instagram Co-Founder Kevin Systrom posted an update to the Instagram blog confirming the deal:
When Mike and I started Instagram nearly two years ago, we set out to change and improve the way the world communicates and shares. We’ve had an amazing time watching Instagram grow into a vibrant community of people from all around the globe. Today, we couldn’t be happier to announce that Instagram has agreed to be acquired by Facebook.
Every day that passes, we see more experiences being shared through Instagram in ways that we never thought possible. It’s because of our dedicated and talented team that we’ve gotten this far, and with the support and cross-pollination of ideas and talent at a place like Facebook, we hope to create an even more exciting future for Instagram and Facebook alike.
It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.
The Instagram app will still be the same one you know and love. You’ll still have all the same people you follow and that follow you.You’ll still be able to share to other social networks. And you’ll still have all the other features that make the app so fun and unique.
We’re psyched to be joining Facebook and are excited to build a better Instagram for everyone.
Best,
Kevin
CEO, Instagram
The King of Social, this is no doubt just another small step Facebook will take to ensure it remains at the top of Social. Although Instagram was its largest, it will no doubt be its last.
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