Facebook announced today that they are officially going to purchase Instagram for $1 billion in cash and stock.
The free app allows its 30 million users to apply 17 filters to the pictures they take. Before the images are uploaded users also have the ability to change the color balance to give the images a different effect.
Mark Zuckerberg, Facebook’s chief executive officer, said that he will continue to develop Instagram as its own brand.
“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” Zuckerberg wrote on his Facebook page.
This is the first time Facebook has acquired a product/company with so many users making it a milestone for the social networking giant.