Looks like Instagram hit a home run for owners Kevin Systrom, Mike Krieger and team when it was announced yesterday that Facebook had purchased them for a cool $1Billion in cash and stock. Not bad for a couple of years’ worth of work...Yup, in March of 2010 the company received about $500,000 in seed money to get the dang thing going... got an app at the Apple App store and they were on their way. Now literally, two years later, they have $1Billion to show for their efforts. Wish I could think of ideas like that.
What a story. In December of 2010, there were One million registered users. June 2011 they were up to Five Million users and as of yesterday there were over 30 Million Instagram accounts.
Facebook has committed to keeping the company running as an independent, letting it do "its thing". I for one am looking forward to seeing what Mark Zuckerberg has planned for the insanely popular brand and how it will influence Facebook in the future. What are your thoughts on this new acquisition?
http://www.businessinsider.com/facebook-buys-instagram-2012-4
Instagram photo: X-pro 11 wash
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