Facebook Acquires Instagram For $1 Billion (#1 App on App Store)
Facebook has acquire Instagram (#1 App on App Store) for Billion. This is paid in Cash and Facebook Shares. This has been one of the top apps of App Store Since 18 months from now. If taking only iOS there were 30 million users alone from iOS and in Android it got millions of downloads in a very few days. Facebook will integrate Instagram with Facebook and increase the features in Facebook image sharing. According to recent company valuation done by Sequoia Capital, Thrive, Benchmark and Greylock, Instagram is reported worth million but Facebook offered them twice the price of what it is. In December, Facebook had 4 Billion to spend on 1st December 2011.
Lets See what Facebook’s Owner Mark Zuckerberg Said :-
[box]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. We don’t plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.[/box]
Are you Happy with the News or Sad?
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