(MENAFN) Facebook's CEO, Mark Zuckerberg, said that the world's largest social network would acquire Instagram, the photo-sharing application for USD1 billion, reported Reuters.
Zuckerberg added that the application, which was launched in January 2011, lets users add filters and effects to pictures taken on their smartphones
He said that as part of the deal, the company would also take Instagram's entire team.
Moreover, the move represents a major milestone for the firm, as it is the first time Facebook acquires a product and company with so many users; reaching nearly 30 million since the application was first introduced.
It is worth noting that only few months separate Facebook from the launch of its mega initial public offering (IPO).
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