The final hurdles have been cleared, and Instagram is now officially part of Facebook. The startup’s 16 employees will be relocating from San Francisco to Facebook HQ in Menlo Park. In an announcement released through its newsroom, Facebook reaffirmed its commitment to keeping Instagram running as a standalone service:
As we said from the beginning, we are committed to building and growing Instagram independently. Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure. We also can’t wait to work with the talented Instagram team to improve the mobile experience.
There will certainly be more resources available at Instagram founder Kevin Systrom’s disposal: the photo sharing app is being taken in by a company with roughly 4,000 employees and legions of world class software developers.
The photo sharing app also announced today that it has grown to over 5 billion uploaded photos, up from 4 billion just two months ago. This means it’s seeing around 17 million photos uploaded on a daily basis. It’s an impressive figure, to be sure, but one that pales in comparison to the 300 million uploaded daily to Facebook.
Instagram is also growing at a rate of about 10 million new members every month.
Finally, regarding the value of the deal: although the original acquisition price was $1 billion, Facebook chose to give a large portion of that 1% equity in the form of stock. Due to the stock price’s steady decline since earlier this year, the final value of this deal stands at $735 million.
(via The Next Web)