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Facebook acquires Instagram for $1 billion

Social Networking giant Facebook just announced its acquisition of the hottest iOS photo-sharing app Instagram for a cool billion dollars in cash and stocks. Recently, Instagram became available to the Android users making the acquisition more lucrative for Facebook.

Here’s a screen capture of Facebook’s CEO Mark Zuckerburg’s announcement when he broke the news a few hours ago.

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The app, including its team headed by CEO Kevin Systrom who was a graduate of Stanford University in 2006 with a BS in Management Science & Engineering, and Mike Krieger, a graduate from Stanford University where he studied Symbolic Systems with a focus in Human-Computer Interaction will be joining Zuck’s Facebook team.

The announcement made more than a hundred thousand Likes within four hours of posting in Zuck’s Timeline which is a testament on how popular and well-loved Instagram is. Now let’s wait and see what Facebook is going to do with their new toy.

[Zuck’s announcement on his FB]
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