As per reports, it has been revealed that Facebook purchased Instagram on Monday for $1 billion. It seems that social networking giant could not resist itself to remain indifferent from the charm of the application.

Instagram's co-founders Kevin Systrom and Mike Krieger confirmed the news of the purchase. However, till now none of the two companies has talked about the future plans of the deal.

Instagram is a free application, through which one can click photos and decorate the clicked photos by using borders and filters. The cropped photos can further be shared with others through the same application and can be posted on a number of websites.

These small and quick features have made Instagram to be a great hit among users. Official records have revealed that more than 15 million users have been using the application. In addition, it has been found that the application has been recently introduced in Android market.

In addition, experts have been trying to analyze the deal, which has taken place between Instagram and Facebook. Some think that the Instagram was passing through a tough phase and henceforth, has to sell the company.

Other experts said that Facebook was not able to match up their photo qualities with that of Instagram and bought the company.