Reports: Apple to Buy Lala, Backed by Ignition, Bain
Apple (NASDAQ: AAPL) is in talks to acquire Lala, a Palo Alto, CA-based online music service backed by Bellevue, WA-based Ignition Partners and Boston-based Bain Capital Ventures, according to Bloomberg and CNET, which each cite anonymous sources. No financial terms were reported, and Ignition has declined to comment. Lala’s service is different from Apple’s iTunes in that its music is stored on Internet servers rather than downloaded to a personal computer. The company has raised about $35 million since 2005, according to CrunchBase.