Facebook Drops $1 Billion on Instagram Purchase

April 10th, 2012

Facebook-and-Instagram.pngInstagram is one of, if not the, most
popular photo sharing service on the iPhone. Facebook is the most
popular social network by far. A pairing of the two can only be a
good thing for the folks at Facebook, who are shelling out a cool
billion dollars for the company.

“It’s because of our dedicated and
talented team that we’ve gotten this far,” says Instagram
co-founder and CEO Kevin Systrom, “and with the support and
cross-pollination of ideas and talent at a place like Facebook, we
hope to create an even more exciting future for Instagram and
Facebook alike.”

Systrom also assures users that the
Instagram app they know and love isn’t going away.” “We’ll
be working with Facebook to evolve Instagram and build the network,”
he says. “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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