Technology-Headlines

by George Heymann

Facebook buys Instagram for $1 Billion, pledges to keep Instagram growing and independent.

by George Heymann | @techeadlines

technology-headlines.com

Facebook bought Instagram for $1 billion dollars in cash and stock today. The acquisition was later confirmed in separate statements by Facebook CEO Mark Zuckerberg, and Instagram CEO Kevin Systrom.

Instagram is a wildly popular mobile photo sharing application that has enjoyed record growth from a reported 1 million users in January 2011 to an estimated 30 million users now.

Excerpts from the statements from the Facebook and Instagram CEOs are included below, click the links for the full press release.

I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.

That’s why we’re committed to building and growing Instagram independently. 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.

Mark Zuckerberg CEO Facebook 

Today, we couldn’t be happier to announce that Instagram has agreed to be acquired by Facebook.

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. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.

We’re psyched to be joining Facebook and are excited to build a better Instagram for everyone.

Kevin Systrom CEO, Instagram 

Advertisements

Filed under: Breaking News, General technology, Media, Services, Software, , , , , , , , ,

Enter your email address to follow this blog and receive notifications of new posts by email.

Our Twitter Feed

Click to download our official Android App

Categories