Instagram is one of the fastest growing applications for smartphones. Whether you use it or just see your friends post pictures on Facebook or Twitter, we all know what Instagram is.
Turns out that Facebook executives know what Instagram is too. In exchange for stock shares and a cool one billion dollars in cash, Facebook has come to terms to buy Instagram.
Mark Zuckerberg, the CEO of Facebook has come out and said that he believes Instagram can be used to help enhance the Facebook experience and that the two difference services “complement each other.” He further added that he and his colleagues will be smart about this and will not just throw Instagram all over Facebook, but will instead work to strengthen the app and fine tune it.
The purchase of Instagram is the first big one for the social networking site since they had their IPO in February. Facebook is reportedly valued between 75 and 100 billion dollars.
Instagram is no slouch either. Over 30 million Apple users have downloaded the app since it came out. And in the first week that it was available for Android, one million users jumped on the bandwagon. Photos are being uploaded at an amazing rate of five million per day.