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Note: Facebook shells out a reported $1 billion to expand its mobile presence and assure that it remains competitive in photo sharing.
Facebook Apps In Action(click image for larger view and for slideshow) Facebook on Monday acquired Instagram, the popular mobile photo sharing app and the company behind it, for $1 billion dollars, a purchase that underscores the growing importance of mobile apps.
The deal was announced by Kevin Systrom, CEO of Instagram, on the company's website.
"Every day that passes, we see more experiences being shared through Instagram in ways that we never thought possible," Systrom wrote. "It's because of our dedicated and talented team that we've gotten this far, and with the support and cross-pollination of ideas and talent at a place like Facebook, we hope to create an even more exciting future for Instagram and Facebook alike."
Systrom did not disclose a price, which Wall Street Journal puts at...