Facebook Drops $1 Billion on Instagram Purchase

Facebook-and-Instagram.pngInstagram is one of, if not the, most popular photo sharing service on the iPhone. Facebook is the most popular social network by far. A pairing of the two can only be a good thing for the folks at Facebook, who are shelling out a cool billion dollars for the company.

"It's because of our dedicated and talented team that we've gotten this far," says Instagram co-founder and CEO Kevin Systrom, "and with the support and cross-pollination of ideas and talent at a place like Facebook, we hope to create an even more exciting future for Instagram and Facebook alike."

Systrom also assures users that the Instagram app they know and love isn't going away." "We'll be working with Facebook to evolve Instagram and build the network," he says. "We'll continue to add new features to the product and find new ways to create a better mobile photos experience."