Facebook To Buy Instagram For $1 Billion
April 9, 2012 by UPI - United Press International, Inc.
PALO ALTO, Calif., (UPI) — Facebook founder Mark Zuckerberg said Monday the company had purchased a San Fransisco firm, Instagram, which has just nine employees, for $1 billion.
Instagram is a photograph-sharing Web site that is just two years old, the Los Angeles Times reported.
Facebook would “be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook,” Zuckerberg said in an online posting.
“That’s why we’re committed to building and growing Instagram independently,” he said. “Millions of people around the world love the Instagram app and the brand associated with it.”
Facebook has generally acquired only small companies in an effort to get their pools of talent. “This is the first time we’ve ever acquired a product and company with so many users,” Zuckerberg said.