Twitter acquires TweetDeck for up to $50m

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In an era of acquisitions and buyouts, Twitter joined the craze as they have recently acquired TweetDeck, a third-party software application for  Internet Social Networking Services.  Reports say that Twitter payed up to $50 million for the said deal.

There was previous reports of UberMedia having a 30-day exclusive on the deal but because negotiations took too long, Twitter had the chance to make a higher offer.

Twitter is one of the most popular social networking services along with Facebook and Zynga. It is valued at $3.7 billion in a $200 million funding round led by venture capital firm Kleiner Perkins Caufield & Byers. Auctions of Twitter shares for secondary market suggested investors were valuing the shares at more than $7 billion.

The cash and stock deal came to  a close  tuesday and is approximately priced between $40 million to $50 million.

Source: Reuters