Apple to acquire Color Labs

As per a recent update, the tech giant Apple is planning to acquire Color Labs, a photo-and-video-sharing social network labs.

Founded by Bill Nguyen, the California based Color Labs is a two-year-old startup that facilitate users in media sharing from smartphones.

As a matter of concern, it is found; initially, Color started off as an iPhone exclusive network for sharing their photo albums with other users in their vicinity. After that, it evolved into a media sharing network across different platforms including iOS and Google’s Android.

Presently, it enables users to live stream videos over Facebook. However, the Color Labs failed to live up to its initial hype.

Reliable insiders informed our team that the deal has already been finalized but yet to be inked.

None of the companies have disclosed the deal amount. But, it is expected that the price involved in the acquisition of startup is in the ‘high double digits’.