Just last week Instagram made headlines when it released its highly anticipated Android app. The photo-sharing site is back in the news, as it has just been acquired by Facebook for $1 billion in cash and stock.

The acquisition was announced by Facebook CEO Mark Zuckerberg on Timeline. The sale, which is expected to close later this quarter, will bring the staff of Instagram to the social network.

“For years we’ve focused on building the best experience for sharing photos with your friends and family,” said Zuckerberg. “Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.”

Instead of integrating Instagram’s features into Facebook, the company plans to build on its existing strengths and features. Instagram will remain a standalone app.

Last August, Facebook began testing photo filters that would rival those of Instagram’s. It didn’t seem to go beyond tests, as the company never announced a release date and little has been said about them since. Instead, Facebook continued to move forward by adding more prominence to photos uploaded to the platform. Most recently, the social network added full screen and high-resolution support.

Instagram recently surpassed 30 million registered members on its iOS app, and its Android app saw more than 1 million downloads on the first day. It’s unclear what Facebook has in store for Instagram, but it’s likely to be something that marketers won’t want to miss out on.

[Image credit: Jennifer Beese]