You may have heard that Color Labs, a Palo Alto-based startup that raised $41 million on the concept of a media sharing app called Color, has collapsed as its shareholders and board last week voted to shut the company down. There's a chance you also felt excited about the prospect of Apple acquiring Color Labs for “high double-digits” millions and breathing new life into the company, per Ken Yeung and Matthew Panzarino of The Next Web.
Looks like the authors got it wrong because what Apple has really paid a couple million bucks for is its handful of engineers because the company itself is worthless. A new report by a blog owned by well-informed The Wall Street Journal has it that Apple is reportedly paying something to the tune of $2 to $5 million for Color Labs’s engineering team comprised of about 20 people...