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Facebook Snaps Up Instagram for $1 Billion
By: Prashanth Shantharam  |  9, April 2012

Facebook has acquired the hugely popular photo sharing app Instagram today. Facebook coughed up $1 Billion in both cash and stock to buy the app. The sale would be completed by end of the quarter where all nine Instagram employees would join Facebook.

This acquisition would bolster Facebook’s mobile experience enabling users to share photos better.

In a Facebook Timeline post, Zuckerberg had the following to say on the acquisition.

“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.”

Rather than “just trying to integrate everything into Facebook”,  Zuckerberg plans to grow the app independently retaining all the followers, including those who are not on facebook.

Zuckerberg adds

“We will try to learn from Instagram’s experience to build similar features into our other products. At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.”

Instagram CEO Kevin Systrom stated

“We’re psyched to be joining Facebook and are excited to build a better Instagram for everyone.”

Image Credit: Flickr

  

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Surfmobee is a site dedicated to providing intelligence on the mobile ecosystem. We track the mobile r/evolution everyday by covering news, reviews, and analysis. We profile emerging and existing ecosystem firms and highlight their innovation and impact to this space. We also periodically publish insightful research that elucidate on the mobile universe issues, opportunities and trends
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