iPhone and Android camera filter and sharing app, Instagram, bought by social networking site Facebook

Facebook has purchased the imaging app Instagram, which allows users to attach film-effect filters to their images, then share the results online. The free app is available for both Android and iPhone platforms, and boasts over 15 million users.

In a deal rumored to be worth over $1bn Facebook purchased the company from owners Mike Krieger and Kevin Systrom, who created the app with the intention of recapturing the effect of an instant camera.

For more information, head to Instagram’s website.