As Mobile Marketing Watch covered Thursday, speculation surfaced early in the week that Apple is close to sealing the deal on acquiring video sharing company Color Labs.
The photo-and-video-sharing social network has reportedly been pursued by the Cupertino, California-based tech giant for some time now, although neither party will share details of the rumored “acquisition.”
By Friday morning, however, additional details emerged to shed light on the nature of this purported deal. From the looks of it, Apple isn’t acquiring the company itself – only its talented roster of team members.
“What’s really happening is that Color’s engineering team — about 20 people, comprising almost the entire company — is being ‘acquired’ by Apple at what’s being called a ‘nominal’ price of something like $2 million to $5 million, according to multiple sources familiar with both sides of the situation,” say Liz Gannes and John Paczkowski of All Things D.
In other words, no deal in the “double-digit” millions is taking place after all. But the deal is, in fact, moving forward and Apple will likely soon call this talented pool of professionals their newest colleagues.