Facebook Acquires Instagram for $1 Billion - Apr. 9, 2012
NEW YORK (CNNMoney) — Facebook has agreed to buy photo sharing network Instagram for $1 billion in a combination of cash and stock, the company announced Monday.
It’s Facebook’s biggest acquisition ever, in both price and reach. With around 30 million active users, Instagram has the largest audience of any startup Facebook has purchased, Facebook CEO Mark Zuckerberg said in a blog post.
“We don’t plan on doing many more of these, if any at all,” Zuckerberg wrote. “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.”
Founded in 2010 by Mike Krieger and Kevin Systrom, Instagram has just a handful of employees supporting its wildly popular photo app, which lets users add distinctive filters and visual flair to photos they’ve snapped on their smartphones.