Facebook has just announced that it will acquire Instagram, the popular mobile photo-sharing service for $1 billion. Facebook founder and CEO Mark Zuckerberg announced today, via Facebook, that the social networking giant is purchasing Instagram. Zuckerberg didn’t disclose the purchase amount, but according to reports Facebook paid $1 billion in a combination of cash and shares of Facebook.
The transaction, which is subject to customary closing conditions, is expected to close later this quarter.
“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.” Zuckerberg wrote in his Facebook post.
Launched in the fall of 2010, the popular iPhone photo-sharing app Instagram has 27 million registered users (15 million in December of last year). It has received Series A funding of $7 million led by Benchmark Capital just over a year ago.
Its time to add some more effects and some serious changes.
Congrats! I love Instagram! Keep it simple, keep it focused. 1 billion reasons for the Instagram folks to smile. Way to go Kevin & team!!