Facebook acquired Instagram, the fast growing mobile photo sharing startup which challenged its dominance in the space, for more than $1 billion right before its IPO. While the payout to Instagram will be much lower now that its stock has tanked to less than 50% of its IPO price, the Facebook-Instagram acquisition is now finally complete.
Facebook just put out a press release, “Welcoming Instagram to Facebook“.
“So many of us at Facebook love using Instagram to share moments with our friends. And for so many people, sharing photos with friends is an important part of the Facebook experience. That’s why we’re so excited to bring Instagram to Facebook and see what we can create together.
As we said from the beginning, we are committed to building and growing Instagram independently. Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure. We also can’t wait to work with the talented Instagram team to improve the mobile experience.
We’re looking forward to an exciting future with the Instagram team and to all of the great new experiences we’re going to be able to build together.”
Instagram also officially announced the closure of the deal, and also let out an interesting statistic — over 5 billion photos have been shared through Instagram.
While Facebook has stated that it will maintain Instagram as a separate service, it’ll be interesting to see the synergies that could be derived between their mobile photo apps.