Microsoft to acquire stake in start-up Foursquare
According to a Bloomberg report last Thursday said that Microsoft Corp. is in discussions with start-up Foursquare Labs. The talks discussed a possible investment between the giant software maker and the social networking company. The report also said that the talks were already in advanced stages. However, Foursquare had been in several discussions with other possible partners. Foursquare allows users to "check in" locations they are visiting and share relevant information with other users.
According to Foursquare spokesman Brendan Lewis, "This falls squarely in the "rumors and speculation" category."
A Microsoft spokesperson refused to comment.
Three years ago, Foursquare entered the online world as a start-up darling. Many investors around Silicon Valley said that Foursquare had lost some of its investor luster after social media scrutiny started to increase. This was after Facebook Inc's initial public offering.
Last April, Foursquare had raised USD112 million, including USD41 million in convertible debt.