Facebook's announcement on Monday that it plans to buy photo-sharing app Instagram rocked the web and ruffled feathers on Twitter. The deal, which will close later this quarter will be worth about $1 billion.
Instagram CEO Kevin Systrom posted on the company blog that he and his team are "psyched" about the deal.
He went on to reassure users that Facebook would not wipe out the Instagram app and fold its features into the social network, as it has done with past acquisitions. Instead, Systrom reiterated Facebook CEO Mark Zuckerberg's promise that the app and its core features will continue to exist independently of Facebook.
Read Systrom's full blog post below:
When Mike and I started Instagram nearly two years ago, we set out to change and improve the way the world communicates and shares. We’ve had an amazing time watching Instagram grow into a vibrant community of people from all around the globe. Today, we couldn’t be happier to announce that Instagram has agreed to be acquired by Facebook.
Every day that passes, we see more experiences being shared through Instagram in ways that we never thought possible. It’s because of our dedicated and talented team that we’ve gotten this far, and with the support and cross-pollination of ideas and talent at a place like Facebook, we hope to create an even more exciting future for Instagram and Facebook alike.
It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.
The Instagram app will still be the same one you know and love. You’ll still have all the same people you follow and that follow you.You’ll still be able to share to other social networks. And you’ll still have all the other features that make the app so fun and unique.
We’re psyched to be joining Facebook and are excited to build a better Instagram for everyone.