News by Dan Seifert on Monday April 09, 2012.
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Mark Zuckerberg, CEO of Facebook, has just announced that Facebook will buy Instagram, the red-hot photo-sharing social network. The transaction is worth $1 billion of cash and stock and the Instagram team is expected to be assimilated as Facebook employees, though Facebook says it will develop the company independently.
"For years, we've focused on building the best experience for sharing photos with your friends and family," said Zuckerberg in a post on Facebook. "Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests."
Instagram has been immensely popular since its launch in late 2010. It claims to have over 30 million active users, and it just launched an Android version of its app that netted one million downloads in less than a day.
Facebook says that Instagram will still offer ways to share photos to social networks other than Facebook, and users will not be required to share their Instagram photos to Facebook. Facebook intends to adapt certain Instagram features into its other products.
The purchase is expected to close later this quarter.
Dan is MobileBurn.com's Editor-in-Chief. Based in Poughkeepsie in New York, Dan can be found on Twitter as @DCSeifert.