Facebook acquired instagram, a super successful photo sharing and editing cross platform app, for USD one billion
It was said that Facebook will be paying one billion to instagram in the form of cash and shares.
Facebook CEO Mark Zuckerberg announced the acquisition in post on his Facebook Timeline, on Monday. The sale is expected to close later this quarter, and will bring the staff of Instagram to the social network.
Instagram addition is expected to add some exciting photo editing and sharing options to Facebook.
Considering the number of photos shared on Facebook, this is the right move to take the social network to next level and to keep its users excited with new and catchy features.
This should help Facebook to retain top position, especially in the current situations where in its going public and competitors like Google plus are trying hard to reach the number one slot.
"For years, we've focused on building the best experience for sharing photos with your friends and family" Mr. Zuckerberg wrote. "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"
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