Yahoo-Bit.ly Acquisition Rumored Possible
Bit.ly, the URL shortener with a fish logo, might itself be snapped up in the not-too-distant future. A new report indicates that Yahoo and several other (unidentified) companies are in talks to acquire the company, although it’s not time for business card shops to send out congratulatory notes/ads just yet.
Om Malik began his article by writing, "Yahoo and some of the other web giants have been kicking the tires on New York-based URL shortening service Bit.ly, according to a few people in the know. The interest in the company has increased over the past 60 days or so."
Which sounds promising enough. Two months is a fair amount of time to uncover any flaws, after all, and any hint of competition might be enough to send bids higher.
Then Malik continued, "Conversations are said it to be in early stages, and the company raised $2 million in venture capital in March 2009 from Ron Conway and other super angel investors."
So it sounds like potential buyers aren’t in a big rush (Yahoo’s CFO recently talked about being cautious when it comes to acquisitions), and Bit.ly shouldn’t be short of cash.
We’ll see what happens. Hopefully various parties will chime in with confirmations (or denials) now that Malik’s broken the story.