Remember
Color Labs? That's the startup that raised $41 million in funding even before they had a product. Of course they went on to release a photo/ video sharing app for Facebook, but the app received less-than-flattering reviews.
Now, according to a
report in The Next Web, Apple is getting ready to acquire the startup for a price in "high double digit millions". According to The Next Web, the deal is agreed and only the legal formalities need to be completed. It is worth pointing out that back in July last year, Color Labs had
reportedly turned down a $200 million acquisition offer from Google, so if the reported valuation is true, that's quite a loss for the investors.
The report indicates that Color Labs founder Bill Nguyen has been in touch with Apple's Senior Vice President Internet Software and Services, Eddy Cue.
From what we know, founder Bill Nguyen has been away from the office for three months, after a period of intense strain between him and the board.
Some of that has come out in stories so far. But what you may not know is that Nguyen actually designed the first user interface for the Color app. And, even before his relationship with the board soured, he was looking for a way to sell the company. For that, he turned to a previous relationship he had with Apple's Senior Vice President Internet Software and Services, Eddy Cue.
The Next Web and various others are speculating that Color's patent portfolio, especially their
iPhone-related patents, could be Apple's motivation behind the acquisition, besides the obvious design talent.