Big news has popped out today that the social networking king Facebook has acquired Instagram, an immensely popular photo-sharing service for $1 billion in cash and stock.
Instagram has one of the fastest-growing user bases in the technology world. The application has managed to grab more than 30 million iOS users in just 18 months, and Apple had also named it the best iPhone app of 2011. The app for Android platform was launched last week which got more than 1 million sign ups in the first 12 hours of the launch.
Mark Zuckerberg, the Facebook chief executive said:
“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. That’s why we’re committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.”
The young billionaire also added that while he plans to integrate some aspects of Instagram into Facebook, Instagram will maintain the experience and continue to operate as an independent company. The organization had made several accumulations over the last year and this is the biggest among all.
Such acquisition by Facebook could not be witnessed anymore as said by Mark Zuckerberg:
“We don’t plan on doing many more of these, if any at all.”
Instagram had turned down a $100 million acquisition offer from Google because of unfavorable terms added by Google. Now with its acquisition, Facebook is expected to form a well developed and captivating user interference for mobile devices.