facebook buys instagram

Facebook have acquired the photosharing app Instagram, the cost was roughly $1 billion in cash and stocks.

Mark Zuckerberg, CEO of Facebook announced the deal on his Facebook timeline during Monday. The sale is belived to be finished in the later part of 2012 and the nine persons working for instagram will be going over to facebook.

For years, we’ve focused on building the best experience for sharing photos with your friends and family, 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.

Zuckerberg said in the post.

Instagram CEO Kevin Systrom confirmed Zuckerberg’s statements on the Instagram company blog and added

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

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