Now that Facebook’s acquisition of photo-sharing application Instagram has officially been cleared, the social network took some time to welcome its newest company. Vice President of Engineering Mike Schropfer took some time to announce that the deal has gone through and that his company can now work together with Instagram.
Schropfer announced the finalization in a note on the Facebook newsroom:
So many of us at Facebook love using Instagram to share moments with our friends. And for so many people, sharing photos with friends is an important part of the Facebook experience. That’s why we’re so excited to bring Instagram to Facebook and see what we can create together.
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.
Instagram also posted news on its blog:
This is an exciting time for us – the community continues to grow, and more than 5 billion photos have now been shared through Instagram. We’re humbled that so many people around the world use Instagram to share their lives with friends through photos. From weddings to epic pilgrimages through the Spanish countryside, we’re constantly amazed by the stories that are shared on Instagram, and we thank you for being a part of this growing community.
What makes this even more exciting is that our deal with Facebook has closed, which means that we can now work together to evolve and build a better Instagram for everyone. While our team is making the short move to the Facebook offices, Instagram isn’t going anywhere. The Instagram app and its features will stay the same one you know and love, and we’ll keep working together to build a better Instagram for everyone.
The state of California recently approved the sale, as did the Federal Trade Commission and the U.K. Office of Fair Trading. It was originally announced that the deal was worth roughly $1 billion, counting cash and shares of Facebook stock. But as the social network’s value dipped, so did the value of the acquisition. The deal is now worth an estimated $735 million.
Readers: How can Instagram help Facebook’s photo capabilities?