Facebook buys Instagram for $1 Billion making it the biggest acquisition of facebook till date. This is a great news for Instagram as it has launched recently on android with millions of downloads in a few days. Blogosphere is agog with the purchase with several speculations about the big deal. MarK zuckerburg has also emphasized that it will continue to operate as an independent company. Instagram has around 30 million members & this provides facebook with access to a great network of photo sharing community. Facebook is planning for an IPO & this purchase would give it more leverage in the social networking space. Also Instagra’s mobile ability gives facebook much needed push to move in the mobile space. Nobody had expected that facebook will purchase Instagram at such a value & for a startup in to have gone from zero to $1 Billion is a great news.