Betaworks Acquires Social Reading Company Instapaper
Based in New York, Betaworks is an incubator and investor that is known for acquiring Digg.com and revamping it. Earlier this week, Betaworks acquired Instapaper, an app to save websites for reading later. Betaworks founder and CEO John Borthwick said that this acquisition clarifies the role of Betaworks as operating multiple products rather than an incubation space for new ideas to spin out, according to TechCrunch.
“Starting 14 months ago I began to move Betaworks into being an operating company,” said Borthwick in an e-mail to TechCrunch. “In our first three years we were a factory for building companies, we built them and spun them out, hired CEO’s and got other people to fund them. 14 months ago I paid our investors all their money back and started making the shift to operating company.”
Borthwick believes that Instapaper will be a perfect fit with Digg for an upcoming Digg Reader service. Digg Reader is intended to be a replacement for Google Reader.
Instapaper founder Marco Arment said that he is going to try other apps and creative projects. Before moving on to a new project, he wanted Instapaper to find a new home with a full staff. Arment plans to continue advising the project indefinitely.