Facebook to acquire Instagram
Facebook is to buy Instagram for $1bn.
Business negotiations have resulted in Facebook purchasing
photo-sharing app brand Instagram for shares and cash worth a total
of approximately $1 billion (£628.26 million).
The acquisition is expected to be concluded at some point this
quarter and is subject to closing conditions.
Writing on his Facebook timeline, founder and chief executive
officer of the networking site Mark Zuckerberg said his enterprise
is "committed to building and growing Instagram independently".
Millions of people in countries all over the world use the app
and Facebook will ensure they can still utilise it to publish
images to other social media pages, he added.
This is the first time Facebook has bought another organisation
and product with so many users, the representative pointed out.
In a blog post, chief executive officer of Instagram Kevin
Systrom said the company is "psyched to be joining Facebook".
He said the firm will continue to update the product and enhance
the mobile photography experience, adding: "Instagram is not going
Posted by Ken Hayes
Source: Facebook press release, April 9th