The rumor was at its peak that Apple is going to buy the Color Labs, the photo-and-video-sharing social network that received much criticism over its pre-launch $41 million funding round. But this has been proved wrong today, as the real story is this that Apple bought Color’s engineers not the tech. Here are the details.

The fruit company was not interested in buying the entire tech but wanted to pick some of its newly arrived talent and it did that, by buying 20 of the engineers from Colors. The price that the company paid for this brilliant talent is said to be in the $2 to $5 million range. This means Apple believes in promoting new ideas and thoughts.

If you are wondering why Apple was interested in this not-really-big company, then here is the answer that Apple was only interested in a some of the company’s patents, which might tie in, and perhaps extend the company’s media sharing tools. And this was the only reason that Apple the company’s engineers.

Color’s technology, intellectual property, domain names or liabilities, are not bought by Apple. The  photo-and-video-sharing social network is still having considerable cash in the bank, but has been left by Apple.

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