“Apple Inc. will acquire Concept.io Inc. and discontinue the startup’s mobile streaming-content app Swell, according to a person with direct knowledge of the deal,” Lizette Chapman reports for The Wall Street Journal.
“The purchase price for the two-year-old startup was around $30 million, the person said. Concept.io had a $19 million valuation last July when it closed its Series A funding round, VentureWire reported,” Chapman reports. “Swell delivers a personalized audio news feed from sites such as NPR, TED Talks and Harvard Business Review, similar to what Pandora delivers for music. As users skip or stay on content, that data is fed into the algorithm, which then suggests new content.”
Chapman reports, “The acquisition by Apple is the latest in a string of deals by the consumer electronics giant and could reflect a push by Apple to assume a larger role in streaming music and audio content.”
Read more in the full article here.
Apple to buy Swell for $30 million – July 28, 2014