Facebook founder Mark Zuckerberg revealed his company was acquiring free photo sharing application Instagram in an astonishing deal worth a staggering $1 billion!
The social media mega-site announced the acquisition in a message on its web site, stating that the deal to buy the San Francisco-based Instagram would be worth roughly $1 billion in cash as well as stock in Facebook. The deal is expected to close later in the quarter.
"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," CEO Mark Zuckerberg said in an official online statement regarding the acquisition.
Instagram has become extremely popular for its application that can add special effects to current, modern photographs and make them appear more retro, similar to photos taken with old-fashioned Polaroid or Kodak Insta-Matic cameras.
Instagram is a free photo sharing application that allows users to take photos, apply a filter, and share it on the service or a variety of other social networking services, including social media and blogging sites Facebook, Tumblr, twitter, FourSquare and Flickr. The application is compatible with any iPhone, iPad or iPod Touch running iOS 3.1.2 or above or any Android device running Android 2.2 or above.