Yesterday we wrote a report about how the news had broke that Color Labs’s board had decided to, for better or for worse, shut down its services after the $41 million colossal failure of the social network. Turns out, however, that the story was just a little bit more complicated than we originally thought – and Color Labs has walked away significantly more rosy than we thought. Yes, you read the headline right – Apple has reportedly acquired Color Labs.
According to of course unnamed “sources”, Apple purchased the company for a price in the “high double digits” of millions of dollars. Not a bad deal for a company that we thought was dead on its feet yesterday.
As to why Apple may want the company behind a failed social network that never took off, TheNextWeb spectates that Apple was interested in the company’s HD video recording patents.