Facebook CEO Mark Zuckerberg has let it out that his company plans to buy popular photo-sharing app Instagram. Facebook will pay $1 billion in cash and stock for Instagram, a 2-year-old photo-sharing application developer, in its largest-ever acquisition just months before the No. 1 social media website is expected to go public.
Instagram’s popularity has shot up quite much in recent months, the company’s leadership has told possible strategies to expand the service into a fully featured social network much like other biggies.
It is an exception in Facebook’s strategy as it typically discontinues the acquired company’s products or builds similar versions that it integrates into its service but Mark confirmed the news on his personal blog, adding that the deal won’t affect Instagram’s integration with other social networks. Instagram CEO Kevin Systrom confirmed the same via his site’s blog.