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| Instagram Team visiting Facebook HQ |
Mark Zuckerberg announced Monday that Facebook will acquire Instagram, the trendy Smartphone app, for a staggering $1 billion.
Instagram which launched for iPhone in 2010, is tremendously popular, allowing users to take or upload photos and then edit them for a similar look to lo-fi photography. The pictures look great and people upload finished products to their social networking sites, ie Facebook and Twitter. Instagram has already earned 30 million iOS users and collected over 1 million the first day andriod was added.
Facebook will purchase the app for $1 billion in cash and stock, but promises to keep Instagram as a separate entity. They have already hired the 13 person team responsible for Intragram and hope to only improve the app.
The success story of founder's Kevin Systrom and Mike Krieger may almost rival that of the Social Network. Systrom, Stanford graduate who designed the program had no formal computer science training, built the prototype from scratch. He is now cashing in on a $400 million plus payday.
Zuckerberg wrote on his Facebook page 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."
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