Facebook Closes Instagram Acquisition, Instagram Announces 5B Photos Shared:
Facebook has officially closed its acquisition of Instagram as of today, the companies announced. In two separate posts on their official corporate blogs, the now-joined companies talked about how they’re looking forward to what comes next for both, and Instagram highlighted a new milestone of over 5 billion photos shared through its service.
From the Instagram blog post:
What makes this even more exciting is that our deal with Facebook has closed, which means we can now work together to evolve and build a better Instagram for everyone. While our team is making the short move to the Facebook offices, Instagram isn’t going anywhere. 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.From the Facebook blog post:
As we said from the beginning, we are committed to building and growing Instagram independently. Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure. We also can’t wait to work with the talented Instagram team to improve the mobile experience.Facebook originally announced to the world its intention to acquire Instagram back in April, for the eye-catching price of $1 billion in a combined cash and stock arrangement. The acquisition came hot on the heels of Instagram’s expansion to the Android platform, where it began accumulating new users rapidly, adding one million in just a matter of hours and growing to 40 million in total across both of its apps in just 10 days.
Clearly, Facebook saw the opportunity in a mobile-only service that was growing its user base at a faster rate than the older social network ever had. The company reiterated today that it will be continuing to grow the business separate from Facebook itself, but also spoke a lot about “new experience” the two can “build together,” and you just know TechCrunch will be looking for a way to translate Instagram’s continued rapid growth to give Facebook some new mojo.
This deal got approval from both the FTC and the California Department of Corporations in late August, so it isn’t surprising that it’s been finalized after passing those necessary steps. Still, it’s a little exciting (and potentially worrying to dedicated Instagram fans) to think about what comes next on the product side now that the two are officially one.