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.