This morning, Facebook CEO Mark Zuckberg announced that they are acquiring the most talked photosharing app for iPhone & Android for $1 billion cash and facebook stock.
Last month, the app crossed the 30 million users mark and last week Kevin launched the app for Android, Instagram has become go-to app for taking pictures on smart phone devices. Now don’t ask me why facebook acquired a company that’s not make any money.
The Young Zuck of Facebook said, that they won’t be integrating the Instagram & Facebook.
“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,” Zuckerberg 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,” the CEO concluded. “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.”
See the full statement released by Zuckerberg, here. Kevin Systrom the CEO of Instgram was equally excited, about the acquisition of Instagram app in his blog post.
What are your thoughts on the acquisition of Instagram app? Please let us know in the comments below.
