Days after Instagram released its Android app, Facebook has already announced that it has agreed to buy the mobile photo-sharing service for a cool $1 billion in cash and stocks (apparently, the biggest acquisition Facebook has ever made).
Instagram is merely two years old, has over 27 million iPhone app users by mid-March of this year.
That does not include the additional million Android app users in the first 12 hours from release just in April 4. Instagram probably has close to 30 million mobile users combined.
The announcement was posted on the Instagram blog a couple of hours ago as well as the Facebook Timeline of Mark Zuckerberg.
The $1 billion in cash and stocks is huge for a start-up that’s barely two years old. The company has around 13 employees. Instagram still does not make any money off of the app but could still enjoy that same status much longer now that it’s under Facebook’s helm.