It’s a very common situation: you run into an old friend or a new business contact and you’re excited about catching up or pursuing a particular business opportunity. It becomes quite awkward when you ask each other to record each other’s phone numbers or other contact information. At best you access your mobile phone and you awkwardly type in the contacts information. As you can well imagine, you can missed a number or misspell something and as a result the opportunity is lost. It’s even worse if it’s a friend and you fail to catch up because you mistype their email address. At worst you tried to get a piece of paper and you fumble around and it looks really unprofessional and a lot of the urgency of the moment is lost and you end up not writing down the contact information.
Thankfully there is an app to fix this common issue. The app is called Bump and this mobile app makes exchanging contact information as simple as bumping two (2) mobile phones together. It isn’t a slip at the wheel when it comes to great mobile apps and has Ghana head bought out bump. It’s a great little app and was founded by students from University of Chicago. Word on the street is that the acquisition deal made by Google weighs in within the range of 30million dollars to 60 million dollars. If you are an investor in bump that may or may not be good news. According to online reports, Bump’s funding levels comes in at around 20 million dollars. So if bump got acquired by Google at 30 million dollars this makes for a 10 million dollars return on investment and if it’s split up between the founders and the venture people chances are venture guys didn’t make out that much money. However if it was sold to around a higher end figure of 60 million dollars then it’s a little bit sweeter but still it isn’t still a homerun.
Regardless, deals like the Bump acquisition do show that giant companies not named Yahoo are still on the lookout for companies to acquire. From the venture perspective a buyout is always good but a big profit is even better. Many venture companies’ would prefer to be bought out rather than the company going on a road to nowhere in terms of IPO or just bristling out until the technology landscape has changed.
So what pushed Google to do this?
There’s a lot of speculation and some online pundits point to the fact that Apple is going to be launching the iOS7 feature called AirDrop and that is similar to Bump. Be that designate as good news for both bump shareholders and founders as well as Google.