Popular silicon valley news website Business Insider has reported that internet company Yahoo! Inc. is planning to acquire location based social networking start-up Foursquare for a speculated sum of $100 million.
Foursquare, a service which is being cited as the next Twitter, allows users to 'check-in' various locations using text messages or a device specific application, making it easier for people to share their location with their friends. Interestingly, the web service also lets users update their Twitter and Facebook accounts as soon as they 'check-in' to a location.
Citing a source privy with the plans of the bankers handling Foursquare's fund raising plans, Business Insider suggested that Yahoo's merger and acquisition team was currently in talks with the company for a roughly $100 million takeover.
It will be interesting to see how this turns out, with Yahoo being poised to buy a hot internet property yet again.
Before this, Yahoo was all set to buy social network Facebook, which is now the largest social network in the world, for a billion US dollars. However, the deal did not materialise as Yahoo refused to pay that kind of a money for the social network.
Meanwhile, when approached for comments, a Yahoo spokesperson simply said that the company will pay no heed to rumours and speculations.