" ITREALMS: Apple acquires Topsy for N31.6bn

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Wednesday, December 04, 2013

Apple acquires Topsy for N31.6bn

The acclaimed mobile device giant, Apple Inc has acquired social media search and analytics startup known as Topsy, for over $200 million, about N31,670,023,689 billion reports ITRealms.
This, industry watchers say is ‘unusual purchase’ for a hardware-focused company that has made inroads into social networking, according Reuters.
The report also stated that Apple confirmed the acquisition but would not say why it bought the company, which specializes in analyzing Twitter data and providing insights into current sentiment on a variety of topics.
The Wall Street Journal, which reported the news earlier, cited people familiar with the deal as saying Apple paid over $200 million.
"Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans," spokeswoman Kristin Huguet said.
Topsy did not respond to requests for comment.
The iPad and iPhone maker often does what it calls "bolt-on" acquisitions, small deals to acquire technology that then gets integrated into existing or future products. Many of its acquisitions in recent years have been angled toward improving hardware.
This year, it paid a reported $350 million for Israeli 3D chip developer PrimeSense Ltd, perceived as an effort to incorporate gesture technology into its devices. And in 2008, it paid a reported $280 million for a semiconductor designer that eventually yielded the current line of processors that power the iPhone and iPad.
Apple's main effort in social media has revolved around Ping, a music-centered social sharing network that was at one point integrated into its iTunes app. The service, which lets users post music tracks they liked to a news feed, didn't catch on and was shut down.
But the California gadget maker has been increasingly making it easier for people to share photos, videos and news through its devices and directly to social networks such asFacebook and Twitter.
It also operates iTunes Radio, an online streaming music service that competes with Pandora and could benefit from Topsy's data on consumer sentiment.

Apple closed 0.9 percent lower on Monday and was holding steady in after-hours trading.
*Correspondents/GEE with additional report from Reuters.com
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