Instagram's Kevin Systrom 'Psyched' About Acquisition By Facebook

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.

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Comments

[Perky2Cents]

12:12 PM on 04/10/2012

wow .. i'll take 1 percent :)

[sofiasxd]

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[Colemando]

10:56 PM on 04/09/2012

Sir, how do you feel?

"CHA-CHING! We just got Insta-paid!!"

As an accountant I would love to see the valuation of this company to see how they came up with $1B. Unreal.

[The JillyBean]

08:33 PM on 04/09/2012

This just reminds me more and more how Web2.0 guys are a new generation of Web1.0 hucksters. They want to create something then sell it off for cash and get out. They know their product has no long-term viability as a stand-a-lone. At least Steve from MySpace had the grace to stick with his product to the bitter end.

Web1.0's problem was that it sold no product. Web2.0 sells user data. If you wouldn't participate in direct marketing questionnaires or focus groups why do you buy into free products that do it in the background? Look at the business structure of these companies, then the TOS and figure out if your privacy is worth giving up.

[questionitall]

08:57 PM on 04/09/2012

MySpace sold out to FOX Interactive

[The JillyBean]

09:51 PM on 04/09/2012

But the guy Steve, stayed with the company as head of it until they basically shuttered myspace. He didn't take he money and run after it was acquired by Fox.

[Khan Manka]

06:23 PM on 04/09/2012

Crazy price. Quite a desperate act. Plus, it's all going to be pointless once Manka Bros. launches its 'Facebook Killer'...

http://mankabros.com/blogs/chairman/2011/03/26/manka-bros-to-launch-facebook-killer/

[DemocracySimulation]

08:21 PM on 04/09/2012

trollalalalalala lala la la

[mediamarv]

06:17 PM on 04/09/2012

Boilerplate. Wait couple months til the message changes.

[Aroddo]

05:26 PM on 04/09/2012

What is the point about instagram anyway?

[elicourey]

06:35 PM on 04/09/2012

it's a social network to share pictures. kinda like Twitter, except with pictures...and better in my opinion. I think simplicity is what has made it so popular.

[michalandzoe]

05:06 PM on 04/09/2012

I just hope facebook doesn't change the instagram brand and make it a facebook app or "creation." I love it just as is and if it changes, I am not sure if I will like it's new facebook undertone.

xoxo,
michalandzoe (http://www.michalandzoe.com)

[The JillyBean]

08:34 PM on 04/09/2012

I suspect that it will act like Pinterest. Which is an effing annoying app in it's own right. A complete blight that also does consumer data mining via "pinned" images and items.

[keemia]

04:57 PM on 04/09/2012

He's "psyched" is he? I'd be too if I won the lottery... I mean, sold a company with no revenues for $1B.

[shout]

04:01 PM on 04/09/2012

Yeah, I'd be psyched to make a billion dollars too. Unfortunately, they probably had no other choice. If Facebook decided to become a competitor they could have easily wiped Instagram out with their 500 million existing facebook customers. In a year from now Instagram could have been worth a fraction, an ancient relic that people make fun of. See Myspace, AOL etc.

[dkeogh]

04:39 PM on 04/09/2012

actually i think it would have been the other way around...people are getting tired of facebook

[The JillyBean]

08:35 PM on 04/09/2012

actually (2), people used Instagram over facebook. Because of Facebook's security issues.

[asantewa3]

03:47 PM on 04/09/2012

I'm sorry, who wouldn't be "psyched" about being acquired for a billion freaking dollars?!? It would be news if he just felt "okay".

[jsgaetano]

03:18 PM on 04/09/2012

How do you feel? "Meh."

[Grape Friend]

03:08 PM on 04/09/2012

Well then here's how he should celebrate: http://grapefriend.com/2012/04/09/you-deserve-a-grape-today-instagram/