Facebook to acquire Instagram for $ 1 billion
The popular photo taking, editing and sharing app Instragram which just recently made a successful entry into Android will soon become Facebook property. The news of Instragram being acquired by the social networking giant was announced by Facebook CEO Mark Zuckerberg in a post on his Facebook timeline.
Instagram lets people apply filters to photos they snap with their mobile devices and share them with friends and strangers. Some of the filters make the photos look as if they've been taken in the 1970s or on Polaroid cameras.
"I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook," wrote Zuckerberg. "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," he added.
Facebook is paying cash and stock for San Francisco-based Instagram and hiring its roughly 10 employees. The deal is expected to close by the end of June.