Facegram: Facebook Buys Instagram

Facebook announced today via a blog post that they bought the very popular Instagram, the photo sharing service that connects to a variety of social end-points (not to mention has a slew of cool filters).

This is big news, not only because the purchase price was $1billion and stock options, but because Instgram was setting out to be THE leading social app for mobile devices.

It was wildly popular on iOS and just recently, took a stronghold on Android.

Basically, Instgram was killing and like any good company would do, Facebook saw an opportunity to add great functionality to their product, while building out their empire and snatching up talent (instagram has only six employees -- yes, six).

It'll be interesting to see whether or not Instagram will still flourish and whether or not The Zuck holds to his word of not killing it, but rather growing it.