Facebook has purchased Instagram, a popular photo-sharing app, for roughly $1 billion in a combination of cash and stock. The sale is expected to close later this quarter and will bring Instagram's eight-person staff to Facebook. In a post on his Timeline, Facebook CEO Mark Zuckerberg said that Facebook will build on Instagram's strengths and features and on growing the app independently rather than "just trying to integrate everything into Facebook."
Facebook reportedly plans on keeping features within the app that allow photos to be published on other social networks, and the ability to have followers and follow people who are not necessarily your Facebook friends. "We will try to learn from Instagram's experience to build similar features into our other products," Zuckerberg said. "At the same time, we will try to help Instagram continue to grow by using Facebook's strong engineering team and infrastructure."
Instagram launched its iOS app in October 2010 and came to Android for the first time last week.