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Globe and Mail Update
Published Monday, Apr. 09, 2012 1:21PM EDT
Last updated Monday, Apr. 09, 2012 1:31PM EDT
Facebook has agreed to buy the photo-editing and sharing service Instagram, further cementing the social network?s status as the dominant photo database in the world of social media.
Facebook founder and CEO Mark Zuckerburg made the announcement on Monday in a post on the site. The purchase price is $1-billion in cash and shares, according to the Wall Street Journal.
It's Facebook's largest acquisition to date.
The acquisition allows Facebook to embed Instagram?s popular photo manipulation filters into its myriad services, further enticing users to make the social network their default on-line photo album.
Although Instagram has largely been used by Apple iPhone users since its debut in late 2010, the company released a version of its service last week designed for users of smartphones powered by Google?s Android operating system. The move gives Instagram a presence on what is now the fastest-growing segment of the smartphone market.