Facebook to buy photo sharing app Instagram for 1B in cash and stock.
Instagram has more than 30 million users in 18 months. Instagram is the most popular free photo sharing iPhone app is owned by Burbn Inc. a San Francisco based company. Instagram was named 2011 iPhone app of the year.
Mark Zuckerberg said that it plans to let Instagram remain independent. He also stated, “We need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook.”
Instagram CEO Kevin Systrom released the following statement; “It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.Read More