Facebook snatched up Instagram, a mobile-phone, photo-sharing service, for around $715 million.
"If you're looking at kind of how we're evolving our mobile product, Facebook has become a mobile first company," Facebook Platform Partnerships Director Justin Osofsky said.
Acquiring Instagram was part of Facebook's push to increase its mobile presence.
"Mark [Zuckerberg, Facebook founder] and I both see a future where Instagram provides a whole lot of value to Facebook as an independent brand as well, because I think that people understand that Instagram is associated with this mobile device, it's a photos only network," Instagram CEO Kevin Systrom said. "I think that that's part of why they were so excited about having Instagram inside, is that it is a mobile network."
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