Facebook acquired Instagram in 2012 for approximately $1 billion in cash and stock. Facebook announced the deal on April 9, 2012, describing Instagram as a fast-growing photo-sharing service with a strong mobile focus.
Instagram had launched in 2010 as an iPhone app created by Kevin Systrom and Mike Krieger. Its growth accelerated through simple photo sharing, recognizable filters, and a highly engaged mobile community. Just before the acquisition announcement, Instagram released its Android app, which attracted more than one million downloads in less than a day.
The deal did not immediately absorb Instagram into Facebook as a separate feature. Facebook said Instagram would remain independently managed, and the transaction officially closed on September 6, 2012. A common mix-up is Facebook's later acquisition of WhatsApp, announced in 2014 for about $19 billion.