Facebook Inc. this week announced the acquisition of Instagram, a photo-sharing service, for $1 billion in cash and stock.
San Francisco-based Instagram, which holds 13 employees, offers software to allow users to snap vintage-style photos and share them with friends.
The Instragram app has been downloaded by 30 million users of Apple Inc.’s iPhone. The company released a version for Google Inc.’s Android which has since been downloaded by 1 million users.
Facebook said it will build and grow Instagram independently. It will continue to allow users to share photographs on other social networks and the option to not share items with Facebook users.
Mark Zuckerberg, founder and CEO of Facebook, said in a statement that the company does not plan many new acquisitions in the future, but cited photo sharing as a popular usage on the social network and the reason for the acquisition of Instagram.