Facebook Agreed To Acquire Instagram For $1 Billion

Mark Zuckerberg, On April 9, 2012 announced that Facebook would acquire the Instagram company (and its 14 employees) for approximately $1 billion in cash and stock, with plans to keep it independently managed.

What is Instagram:

Instagram is a free photo sharing application that allows users to take a photo, apply a digital filter to it and then share it on a variety of social networking services including Instagram’s server. A distinctive feature confines photos to a square shape similar to Kodak Instamatic and Polaroid images, in contrast to the 4:3 aspect ratio typically used by mobile device cameras.

Instagram was initially supported on iPhone, iPad, and iPod Touch. In April 2012, the company added support for Android camera phones running 2.2 (Froyo) or higher. It is distributed via the iTunes App Store and Google Play.

Highlights of Instagram:

• By December 2010, Instagram had one million registered users. In June 2011 Instagram announced five million users, passing ten million in September the same year.
• Instagram announced that 100 million photos had been uploaded to its service as of July 2011. The total reached 150 million in August.
• In April 2012, it was announced that over 30 million accounts were set up on Instagram.
• Instagram’s new Android version in Google Play crossed more than one million downloads within 12 hours.

Download Instagram from App Store | Google Play