week in review Just weeks away from what's expected to be a historic Internet IPO, Facebook announced it had agreed to acquire the hugely popular photo-sharing smartphone app Instagram in a cash and stock deal valued at about $1 billion.
Facebook has made a slew of acquisitions to date, but nothing of this scale. Instagram is a 2-year-old startup that comes with some 33 million users and a growth rate that's the envy of Silicon Valley.
The key win for Facebook here is mobile engagement. The social network has had a mobile app for years, but it doesn't have the user love that Instagram does. By acquiring the best-of-breed mobile app -- at least in terms of audience development -- Facebook both takes out a future competitor and grows its mobile presence.
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