Yahoo rushes to buy iPhone app firm for $30 million three months after launch
It's been described as a "modern day gold rush" - developing apps for the phone. Now Adam Cahan may be be the fastest multi-millionaire yet
Yahoo moved really fast to get the deal done, said Tech Crunch, as Facebook and Twitter were sniffing around as well, having “informal” talks with IntoNow in the past month
The audio tracing technology of IntoNow - reported by the Drum just yesterday in our coverage of the Pepsi Max coupon deal - was a big part of the attraction. We hear IntoNow already has between 500,000 and a million users. The big winner is Adam Cahan who only in January came up with the social networking tool to let people tell their friends which TV shows they were watching , the Daily Mail reported online. The coupon application is a new twist on that. At the price of between $20million and $30million."The extraordinary deal means that for every day Mr Cahan worked on IntoNow, he earned around $30,000." said the Mail. He is now new vice-president at Yahoo! following the sale. IntoNow is so far only available on the iPhone - for free - but he plans to roll it out on other mobile phones soon.The Mail describes the rush to develop iPhone apps as a 'modern day gold rush.' "Apps are relatively cheap to develop and with the number of iPhone users growing all the time, the market is huge. "