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Apple Acquires Chomp to Recreate App Store Search and Discovery [Update: Paid About $50 Million]
Apple is acquiring three-year old startup Chomp and plans to use the company's technology and expertise to improve the App Store's search and app discovery technology, according to a report from TechCrunch.
Apple generally prefers to make small to medium size acquisitions of talent and technology, rather than spending huge sums of its $100 billion cash hoard. Earlier this year, Apple paid some $390 million to acquire Israeli flash memory firm Anobit.
Update: Apple has confirmed the purchase to AllThingsD.
Update 2: Apple "paid about $50 million" for Chomp, according to Bloomberg.
We first covered Chomp in November 2009 to announce their seed funding. Since then, they’ve grown their scope to include not only iPhone apps, but Android apps as well. In fact, Chomp currently has a deal with Verizon to power all of their Android-based app searches. That relationship, obviously, is going to get a bit awkward with this acquisition.The terms of the deal haven't been disclosed, but TechCrunch reports that the deal isn't merely about talent -- Apple wants Chomp's technology as well. Chomp has raised more than $2.5 million in funding and apparently all investors are very pleased with the outcome. Chomp's 20 or so employees are reportedly all headed for Apple.
My understanding is that such deals will remain intact for now but are likely to end once the Chomp team and product transitions over to Apple. The same is likely true for Chomp’s stand-alone products.
Apple generally prefers to make small to medium size acquisitions of talent and technology, rather than spending huge sums of its $100 billion cash hoard. Earlier this year, Apple paid some $390 million to acquire Israeli flash memory firm Anobit.
Update: Apple has confirmed the purchase to AllThingsD.
Update 2: Apple "paid about $50 million" for Chomp, according to Bloomberg.
[ 31 comments ]
Top Rated Comments
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96 months ago
never even heard of Chomp until now. Pretty slick site. I'd been using Appshopper before, as they track the history of app prices.
96 months ago
Don't know how true this is but look who is Chomp's marketing advisor.
Just check the about us link at the bottom of their website (http://chomp.com/us/about).
Ashton Kutcher: Marketing Advisor
:eek:
Just check the about us link at the bottom of their website (http://chomp.com/us/about).
Ashton Kutcher: Marketing Advisor
:eek:
96 months ago
I would only spend the interest acquired from stashing away $100 Billion as well if I could.
96 months ago
The developer in me says: If this makes me more money, I'm all for it.
The consumer in me says: Great! I might actually find the app I want more often!
The consumer in me says: Great! I might actually find the app I want more often!
96 months ago
$50 mil for app search site? Am I missing something here?
I agree.
The strength of the site seems to be the search algorithms, but $50 million? Seriously?
The Ashton Kutcher connection probably helped with the acquisition.
96 months ago
Assuming 25 employees, they'd each get $2 million if divided evenly. I'd take that. Not quite enough to retire in a high cost of living area on after taxes but you'd be able to take in $66k a year if you invested it in companies with a 5% annual dividend.
Except that's not how it works. Chomp has 2 rounds of financing so those investors will get paid. As for the employees, I'm sure they got a nice check and a job at Apple but nowhere near $2 million each.
96 months ago
Really? Nobody has referred to the $50 million as Chomp change for Apple? Very well, I guess I have to be the one to do it.
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