Facebook owned photo sharing service Instagram on Friday in $100 million
Facebook has acquired Instagram for nearly a billion dollars in cash and stock.
This is an important milestone for Facebook because it’s the first time they have 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.
Main highlights of this deal are –
- The 13 employees of photo-sharing service Instagram are celebrating today after learning they are set to become multimillionaires following the company’s $1billion takeover by Facebook.
- The deal comes eight years after Mr Systrom turned down Mark Zuckerberg’s offer to join the Facebook team in 2004 – before it shot to success.
- 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.