Facebook buys Instagram at $1 billion

It is heard that Facebook Inc had made announcements for its plans to buy Instagram. This is a start-up that was co-founded by Kelvin-Systrom (a former employee of Google Inc and a graduate from Stanford University), in 2010.

Presently this company has thirteen employees while its photo-sharing application is used by more than 4 million customers. The company gathered revenue of a billion, cash apart from stock when it built 30 million audiences who are mostly Apple iPhone users. The corporation owes its growth to the popularity of social networking sites as well as smartphones. The Instagram application allows the user not only to upload photos but also to add vintage colour effects to it (includes other filters as well) and share the photos with friends.

Facebook CEO Mark Zuckerberg mentioned this deal to be an extremely significant milestone for Facebook, as for the first time ever, a product, a company, and its millions of customers had been acquired together.

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