After months of speculation, photo sharing service Flickr has announced that they have been acquired by Yahoo!.

The online photo management and sharing application owned by Canadian firm Ludicorp, has a strong following in the blogosphere and is regarded by many as the best service of its type available.

Details of the purchase price has not been revealed, however the Flickr team reveal that Yahoo! has bought Ludicorp in its entirety.

The Flickr blog has already posted to users stating that whilst Flickr technology will be integrated in Yahoo! Photos, they expect the Flickr product to continue on a stand alone basis for the forseeable future.

(via Micro Persuasion)