Facebook acquires Instagram
‘A million dollars isn’t cool.You know what’s cool? A billion dollars.’ – Sean Parker to Mark Zuckerberg, The Social Network (2010)
That’s precisely what’s happened. Facebook has bought the popular photo-sharing app making company Instagram for one billion USD. Only last week, Instagram had released its first Android version of the app. The company had been evaluated last week for a 500M USD B Round valuation. Now Facebook has bought the company and its handful of employees at double the price. This is what Facebook CEO Mark Zuckerberg had to say on the acquisition –
“I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook. For years, we’ve focused on building the best experience for sharing photos with your friends and family. Now, we’ll be able to offer the best experiences for sharing beautiful mobile photos with people based on your interests. We’re looking forward to working with the Instagram team and to all of the great new experiences we’re going to be able to build together.”
What has amazed tech-pundits all over is how secret this acquisition has transitioned. Also, this is the first time that a one and half year old company was bought at a billion dollars. So what does this mean for the team at Instagram? How many join the new Facebook offices at 1 Hacker Way, CA and more such information is likely to come out in the coming few days.