Facebook announced Monday it would pay $1 billion in cash and stock for photo-sharing app maker Instagram.
The Instagram deal is Facebook’s biggest ever in both price and reach. Instagram has more than 30 million active users – which it accumulated in just 18 months – the most of any startup that Facebook has bought.
“We don’t plan on doing many more of these, if any at all,” Facebook CEO Mark Zuckerberg wrote in a blog post Monday, speaking to the size and scope of the deal. “But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.”
Instagram, the most popular way for iPhone users to take and share photos, was named iPhone app of the year in 2011. Its features allow picture takers to alter the size, color and style of photographs.
The Android Instagram app debuted last week to a frenzied audience, with millions downloading the app immediately.