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Facebook Acquires Instagram for a Whooping 1$ Billion

Instagram Logo bigIs Instagram worth $1 Billion worth? Facebook thought it is hence acquires it. Today Facebook co-founder Mark Zuckerberg announced Facebook is acquiring free photo sharing app for approximately $1 Billion in cash and stock. The deal is expected to be closed before the end of this quarter.

All Instagram employees would work under Facebook but Facebook decided to keep Instagram a seperate app as it is currently. Mark also accoknowledges that, they would also keep features like post photos to other social networks and ability to not share your photos on Facebook. This is a welcome idea from Facebook and this will help Instagram to continue its growth.

Instagram a 13 employee company founded in 2010 by Kevin Systrom and Mike Krieger which raised $50 million funding from venture capitalists. This recent fund raising valued company at $500 million.

Instagram app launched Apple App store app in October 2010 and in just around 2 months by December 2010 it had one million registered users. By April 2012 over 30 million users registered in Instagram as per companies recent announcement.

In April 2012 Instagram launched Android app which is first other than iPhone app. Instagram Android app downloded one million times in just 12 hours after the launch.

What do you think about this acquisition? Is it good for Instagram or Facebook eventually kills Instagram? Let us know your opinion in the comments below.

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One Response to "Facebook Acquires Instagram for a Whooping 1$ Billion"

  1. David says:

    Instagram is a really cool app, and it is amazing to see an app developer sell it for $1 billion dollars. That sounds just crazy! But if you really think about it, Instagram is more than just a photo effects application, it is more of a social network (just like Facebook) which is the main reason why it sold for so much.

    I think Facebook bought the company at the right time considering it just recently launched on Android which holds the majority of the smartphone market. So the amazing growth we’ve seen on iOS should more than triple now that it is on Android too, which means it is a great investment for Facebook (in theory).
    David recently posted..Siri vs Voice Actions vs TellMe, OS Voice Command ComparisonsMy Profile

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