Engadgets is buying Instagram for $1 billion
Engadges is buying popular Instagram photo sharing service Instagram for about $1.3 billion.
The deal includes nearly 100 million Instagram followers and a 30% stake in Instagram Inc. The two companies also plan to merge.
The sale is subject to regulatory approval and could close in the second quarter.
Engadging will continue to develop new products and services that engage with the Instagram community.
The social media platform has more than 4 billion users, according to the company.
Engads chief executive officer Dan Dolan said in a statement that Instagram is a valuable asset for Engadgs.
“Our core focus is to bring a broad spectrum of experiences to Instagram for all ages and backgrounds,” Dolan added.
“We have built a team of people who have been involved in this business for many years and know the business inside out, including the entire leadership team.
We will be taking on new challenges that will require a fresh approach to building a new platform for our users.”
Instagram has been in a period of rapid growth since the company was acquired by Facebook in 2012 for $2.5 billion.
Earlier this year, Instagram announced plans to expand its content offerings.
Engaget is a photo sharing and photo-sharing service that was founded in 2009 by two former executives of Facebook, Mark Zuckerberg and Mark Pincus.
Instagram has more 500 million users.
It offers a large number of photo-related products and apps, including Photo Sphere, Photo Album, and Photo Gallery.
The company has over 300 million users and is valued at about $4 billion.
Instagram’s acquisition of Engadge is expected to close by the end of the second week of March.
Engidgets is one of the leading photo sharing companies in the world, and its business has grown from just 1 million photos in 2013 to nearly 2 billion in 2016.
Instagram says that it plans to continue to invest in products and content.
Instagram is also looking to grow its photo content.
The photo-focused company recently launched a new product called Instagram Photos, which is designed to help people share photos with one another.
Instagram Photos is a subscription service, and users can access their own photos in a variety of ways.
The service offers a variety on-demand photo content, as well as the ability to upload new photos as they become available.
Instagram recently introduced a new photo-friendly logo, which allows users to select their own logo or logo design.
Instagram also announced a series of new products, including a new set of mobile apps.