The Instagram application, which allows users to add filters and effects to pictures taken on their iPhone and Android devices and to share those photos with their friends, has gained about 30 million users since it launched in January 2011.
"This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users," Facebook CEO Mark Zuckerberg said in a blog post. "We don't plan on doing many more of these, if any at all."
The deal, a closely kept secret at the tiny start-up, is expected to close this quarter. CEO Kevin Systrom announced the transaction to Instagram employees at a 9 a.m. meeting on Monday, according to the source inside Instagram.
He also promised the acquisition would not alter the Instagram experience for its approximately 30 million users.
"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," Systrom said.
Last week, Instagram made the long-awaited announcement that its app was available for users who run Google's Android on their smartphones. Prior to that it was only available on iPhones. The Android app reportedly nabbed about 1 million downloads in the first 24 hours.
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