Facebook has acquired photo app, Instagram, for a billion dollars...that's with a "B"
I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook," wrote Mark Zuckerberg, in a Facebook note this morning.
"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 CEO, Kevin Systrom, wrote to a note to assure loyal fans that this does not mean the app will dissappear, "“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…The Instagram app will still be the same one you know and love.”
What do you think about the acquisition? Do you think it will be good for Instagram?