Skype Buys GroupMe for North of $50 Million

The natural circle of life is very much a part of the new tech boom. Smaller fish get eaten by bigger fish, and even bigger fish eat those fish. TechCrunch broke the news today that Skype has purchased the group-messaging start-up GroupMe. Skype was bought by Microsoft in May for $8.5 billion. (The transaction is still pending, according to TechCrunch). The terms of the GroupMe purchase were not disclosed, but New York Observer's BetaBeat is reporting the company was sold for more than $50 million, but less than $100 million. GroupMe was just over a year old, and acted as a text messaging answer to email's "reply all" button. The service offers users a way to hold a conversation with multiple people via texts. If you're planning breakfast with a group of people, everyone can throw in suggestions for restaurants and decide where to go in one conversation. GroupMe has only had $11.5 million in funding, so if the reported price is real, everyone is getting a healthy return on their investment.

Read the full story at The Atlantic Wire.