Less than an hour ago, Mark Zuckerburg took to his personal Facebook page to announce that Facebook would be acquiring photo editing app “INSTAGRAM”. Facebook will acquire the San Francisco-based company for a combination of cash and shares in Facebook totaling $1 billion. The purchase is expected to close this quarter. Zuckerburg made this statement:
“We think the fact that Instagram is connected to other services beyond Facebook, is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook, if you want, and the ability to have followers and follow people separately from your friends on Facebook.”
These and all other features are important parts of the Instagram experience and we understand that. We will try to learn from Instagram’s experiences to build similar features into our other products. At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.”
Instagram CEO Kevin Systrom took to his company blog to say “It’s important to be clear that Instagram is not going away,” and that “We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.”
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