14 DAY TRIAL // Color Labs, a company “inventing new applications that bring people together through proximity, social and visual presentation,” has indeed been purchased by Apple.
The confirmation stems from a messy lawsuit filed by an actual employee of the firm who allegedly got kicked out in the process of Apple acquiring Color Labs.
TechCrunch reports that that sources involved with the deal confirmed the acquisition. These people said Apple paid not two million, not five million (as previously reported), but seven million dollars (about €5.4 million) to buy Color Labs’ assets and its staff.
Apple most likely acquired Color for its patents, which include one for an HD file format, and six others (pending at the time of its funding) including its ‘elastic’ social graph, and inventions related to GPS location and battery management tech.