Just days after Instagram’s launch on Android Facebook has announced to acquire the apps maker for $1 billion in cash. It is the biggest acquisition from the leader in social networking services and is considered as a healthy addition in its arsenal.
Instagram is a simple to use photo sharing app that also enables you to add filter and effects to your pictures to make them look stylish. The company claimed to have some 400 pictures uploaded by its users by the end of last year.
The acquisition of Instagram is an important and timely move by Facebook before any of its competitors could make the photo sharing app its own property. And a deal that can boost the prospects for the company at upcoming IPO.
“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,” said Mark Zuckerberg said in a blog post.