Apple is said to be on the verge of acquiring Color Labs, a photo and video sharing social network. Color Labs was founded by Bill Nguyen who founded music streaming website Lala, which was acquired by Apple in 2009. If the report by TNW is accurate, this will be the second company Apple has acquired over the past two months, after it was reported to have acquired HTML5 specialists Particle, in a deal said to have been closed last month.
