May 3, 2011
A multi-million dollar offer is on the table in the social networking arena. Twitter has made an offer to acquire TweetDeck for close to $50M. Tweet Deck is a popular third-party software application used for Internet social networking services.
According to a Reuters report, the cash and stock deal could close in less than ten days and would represent one of five-year-old Twitter's largest acquisitions to date. The deal would give Twitter an application that has won praise among sophisticated users for its slick interface and enhanced capabilities, while closing out a potential threat to Twitter's fast-growing service. TweetDeck had been in talks with Pasenda Web company UberMedia in a deal that was valued at less than what Twitter offered. UberMedia which is owned by entrepreneur Bill Gross, has been amassing a collection of Twitter applications which some commentators have speculated could ultimately be used to create a rival social network to Twitter. The exclusivity terms of UberMedia's offer for TweetDeck expired in mid-April, allowing TweetDeck to respond to the Twitter offer. The deal comes a little over a month after Twitter co-founder Jack Dorsey returned to the company as executive chairman to oversee product development.
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