Snapchat rejects offer for $4 billion to be purchased by Google
Do you know the app Snapchat? The fast growing company that is providing the successful app for communication Snapchat seems to be an appetite bite for the major players in the mobile world. A recent report revealed that the relatively small company of Snapchat has declined the offer of Facebook to purchase the app for $3 billion. If this seems impressive to you, you will be fascinated by the $4 billion in cash offered by a Chinese company for acquisition of Snapchat. This offer was also declined and the small company still remains independent.
According to sources, the CEO and co-founder of Snapchat, Evan Spiegel is not planning to sell the company for a year ahead, at least. He wants to unleash the potential of the company and to achieve a significant growth in the next year. Rumors say that Google has also made an offer for the acquisition of Snapchat for the value of $4 billion. It is needless to say that this offer was rejected as well.
The acquisition of small companies by mobile giants is something very common in the mobile world. For example the company Waze which is crowd-based navigation app was purchased by Google and now it is getting integrated with its services. More uncommon in the mobile world is for companies to decline juicy offers with value of 10-numbered price. According to rumors on this topic the CEO of Snapchat, Soiegel have contacted Google offering to the mobile giant to make a strategic investment in the company. Apparently Google was more interested in buying Snapchat than investing in it.
Snapchat is among the fastest developing companies on the market today. Its value in the beginning of the summer was evaluated to $800. The growth to $4 billion offered nowadays for the company is beyond significant. It is not surprising that Spiegel will keep the company at least for now. It seems to be developing on the right road for success.
Source: The Verge