Facebook Buys Instagram: Image-Sharing Mobile App for $1B

Facebook has just finished a deal to acquire mobile photo sharing app Instagram for approximately $1 billion.

Instagram will remain an independently branded standalone app that’s separate from Facebook, but the services will increase their ties to each other.

Facebook Instagram

Image Credit: Instagram's Facebook page

With the deal, Instagram will gain massive design and engineering resources by joining forces with Facebook, a big change after running as a famously lean company with just a handful of employees. Still, the deal seems to let Instagram stay somewhat independent and maintain some of its company culture.

“It’s important to be clear that Instagram is not going away,” said Instagram CEO Kevin Systrom.

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