Facebook said Monday that it will spend $1 billion to acquire the hugely popular mobile photo app Instagram. As Facebook prepares for an initial public offering of stock later this spring, the deal is the first major purchase by the world's most popular social network's of another online property with millions of users.
"For years, we've focused on building the best experience for sharing photos with your friends and family," Facebook founder and CEO Mark Zuckerberg said in a post. "Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests."
Quote from Mercurynews.com article by Mike Swift 04/09/2012 02:47:42 PM PDT. For the complete article Click Here