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Facebook to acquire Instagram for $1 billion

By Brett Molina, USA TODAY
Updated

Facebook likes photo sharing app Instagram. A lot.

The social network announced it will acquire the red-hot mobile app for $1 billion in cash and shares. The deal is expected to close later this quarter.

"We believe these are different experiences that complement each other," says Facebook CEO Mark Zuckerberg in a statement. "But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook."

In a post on Instagram's official blog, co-founder and CEO Kevin Systrom says the company is "psyched" to join Facebook.

"Every day that passes, we see more experiences being shared through Instagram in ways that we never thought possible," says Systrom. "It's because of our dedicated and talented team that we've gotten this far, 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 assured users the popular app won't disappear once under the social network. "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," he says.

BLOG:  Instagram finally lands on Android

This is the first major acquisition for Facebook since revealing the details of its initial public offering in February. The social network's IPO values the company at $75-$100 billion.

Instagram continues its incredible momentum since its debut in 2010 on Apple's iOS mobile platform. More than 30 million users of Apple devices have downloaded the app, and it crossed the 1 million download mark one week after debuting on Google's Android operating system.

The app allows users to take images and apply special filters to give them a fresh look. They can then share those images through several social networks such as Facebook, Twitter and Tumblr.

Since launching nearly a year and a half ago, users have uploaded more than 1 billion photos, which amounts to roughly 5 million a day.

"This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users," says Zuckerberg. "We don't plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together."

MORE:  Don't like the Instagram deal? How to kill your account

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