I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.
With those words Mark Zuckerberg, C.E.O of Facebook today, MonDay, April 9, 2012 announced the acquisition of the popular photo-sharing application Instagram for an amazing $1b (One Billion Dollars).
Both companies have however expressed their commitment to run Instagram as an independent service. Instagram was founded two years ago by Kevin Systrom and Mike Krieger.
For years, we’ve focused on building the best experience for sharing photos with your friends and family’, Zuckerberg wrote on his Facebook wall. ‘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’.
The announcement comes as Facebook prepares for its highly anticipated initial public offering, widely expected to take place next month.