That other internet behemoth – Facebook – has announced a $US1 billion deal to buy popular smartphone photo-sharing app Instagram. The big ticket purchase was seen by some as a move by Facebook to strengthen its defences against Google and newcomer Pinterest in the weeks ahead of what promises to be a history-making stock market debut.
“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Facebook co-founder Mark Zuckerberg said in announcing the deal. ”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.”
Zuckerberg called the acquisition “an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users” Read the full article »»»»