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Facebook has announced it will pay $1 billion in cash and stock to acquire photo-sharing app Instagram.

The deal will make founders Kevin Systrom and Mike Krieger and the other approximately 12 staff at Instagram instant millionaires (at least in Mark Zuckerberg funny money).

Industry watchers have said the move will help Facebook in an area it has traditionally struggled in — photo editing.

Others have questioned the logic of paying so much for a company with no revenue stream and no obvious business plan.

The acquisition comes just a week after Instagram secured $50 million in funding from investors including Sequoia Capital that valued Instagram at $500 million.

Instagram recently became available on Android after initially only offering an app for Apple iOS.

Here's a list of Instagram alternatives for those worried about Instagram Facebook privacy.