Facebook just announced that “it has reached an agreement to acquire Instagram, a fun, popular photo-sharing app for mobile devices.” The deal consists of “approximately $1 billion in a combination of cash and shares of Facebook” and “is expected to close later this quarter.”
The popular photo app debuted alongside the iPhone 4 and has counted some 30 million registered users who upload about 5 million photos per day. The company recently released the app for Android users as well.
Photo sharing is big business for Facebook, and Instagram has the kind of mass appeal to make it a good acquisition by the social-networking giant — perhaps Facebook is shoring up its feature set as it prepares for its long-awaited IPO. You may recall that Facebook had reportedly been toying with Instagram-like features as far back as last August.
View original post 581 more words