Apple has been busy buying up companies it seems. Last week we reported that Apple had acquired HTML5 specialist Particle, however reports are that Apple is buying streaming video and photo sharing network Color Labs.
Color Labs is a start-up that was founded by Bill Nguyen and Peter Pham in 2011 with an unprecedented US$41 million in pre-launch funding. Apple is said to have paid something in the range of: “high double-digits” for the company, according to The Next Web’s “trusted sources”.
Color Labs initially released a photo-sharing app, however that failed to attract users and Pham left the company. Then Nguyen created a video-sharing app that allows users to record and post 30-second silent video to Facebook.
The Next Web and Forbes speculate that Apple may have acquired the company for its intellectual property, which includes a patent for a file format that could be used to record HD video. Forbes claims that Nguyen may have groomed some specific patents to appeal to Apple in the area of multi-device content sharing and concludes that many of its patents could be useful for FaceTime.