Color gets the last laugh: Apple to acquire troubled startup for double-digit millions
Just one day after a false report that Color Labs was preparing to shut its doors, a new report claims Apple (AAPL) will soon acquire the company for a figure in the “high double digits.” The Next Web on Tuesday cites multiple unnamed sources with the news, and speculates that Apple is after patents and talent rather than the company’s mobile products. Color raised $41 million before launching an overhyped mobile app that ended up a complete flop. The company rebooted thanks to a surplus of cash and a deal with Verizon (VZ) but was reportedly still having troubles. If The Next Web’s report is accurate, Color will be the second startup founded by Bill Nguyen that went on to be acquired by Apple; the Cupertino, California-based giant bought Nguyen’s last startup Lala for $80 million in late 2009.
Related stories
Foxconn says iPhone 5 is the most difficult device it has ever built
iPad mini display revealed in leaked photos
