Facebook Buys Instagram For $1...BILLION

by Eric Von Lehmden | April 9, 2012

iphoneography, mobile photography, smart phone photography, photo appsThat's right. One Billion in cash and stock in Facebook goes to the investors and founders of Instagram. Instagram is a mere 17 month old company but has reached 27 million users in that time span. Facebook and Google have both entered into talks with Instagram in the past to no avail. With the recent launch of the Instagram app on the android system (and the fact they signed up 1 million new users in a 24 hour time span didn't hurt either) the two reached an agreement that will allow Instagram to remain a standalone brand and app but their services will grow as the companies come together. Last week it was reported that Instagram had raised $50 million based on a $500 million valuation. The Instagram investors scored a 2x return in a little less than a week.

 

(via Tech Crunch)

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