The Deal is Official! Facebook Acquires Instagram

The deal is now official. FTC has also given its nod. The social networking site, Facebook is now the owner of photo sharing application, Instagram.

After a long wait, both the companies announced on Friday that their much-awaited deal is now final.

The billion dollar transaction, which now reached $736 million following the collapse of Facebook’s stocks, is now official and complete.

Facebook laid out the welcome carpet for Instagram and said that the latter will continue to serve its users as effectively.

Offering the photo-sharing app an opportunity to grow, Instagram has already shared 5 million photos over the network so far.

It was reported by ComScore that Instagram’s website is at the 56th spot for being the most popular site in the US. It has around 22.7 million unique visitors per month, up from 16.5 million in just a month. The photo sharing site also got 80 million users in July, growing from 50 million in April this year.

“Instagram isn’t going anywhere,” said representatives at Instagram. “The Instagram app and its features will stay the same one you know and love, and we’ll keep working together to build a better Instagram for everyone.”

Mike Schroepfer, VP of engineering, Facebook emphasized on the social networking site’s eagerness to work with Instagram. He said, “Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.” He further added, “We also can’t wait to work with the talented Instagram team to improve the mobile experience.”

Instagram’s mobile experience is usually considered as one of the best in the business.… Read the rest

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