Instagram, the popular photo-sharing service, has been acquired by Facebook. Reports are that Facebook dished out $1 billion in cash. On the Instagram blog, CEO Kevin Systrom, wrote that “Today, we couldn’t be happier to announce that Instagram has agreed to be acquired by Facebook… 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.”
They continued to state the nothing will change to the apps and that they are “excited to build a better Instagram for everyone… 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.”
This will certainly make the upcoming Facebook IPO more attractive. Mark Zuckerberg, Facebook’s CEO, posted a note on Facebook that confirmed the purchase, saying “This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users. We don’t plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.”
Instagram is currently available on iOS and Android and has over 50 million subscribers.