Facebook announced it reached an agreement April 9 to acquire Instagram, a popular mobile photo sharing app, for $1 billion in cash and stock.
The news was announced by Facebook CEO Mark Zuckerberg in a post on his Timeline. In the post, Zuckerberg says Instagram’s team will join Facebook, and that Facebook will grow Instagram independently. He notes that Facebook will create additional products based on Instagram’s features. “Millions of people around the world love the Instagram app and the brand associated with it,” he said.
“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” Zuckerberg wrote, adding that the company doesn’t plan on making any other acquisitions of this size in the future.
According to Instagram’s website, the app has more than 30 million registered users and more than 1 billion uploaded photos. Instagram was founded in October 2010.
Facebook and Instagram could not be immediately reached for comment.
