Skype has acquired mobile messaging service GroupMe. The companies have declined to reveal the terms of the acquisition, but AllThingsD reports that Skype is rumored to have paid $85 million for the company. Meanwhile, Skype is in the process of being acquired by Microsoft, and Skype also acquired video service Qik earlier this year. The GroupMe blog reports that the team will stay in New York and work on their standalone app for now.

Lollapalooza, the Chicago summer music festival, is offering festivalgoers some exciting features on its official app. Courtesy of GroupMe, the Lollapalooza app now features group texting. The group texting option will allow festival visitors to easily communicate with their friends to better organize their Lollapalooza experience. The app also includes Lolla radio stations, a lineup schedule and band information. The app is available for iPhone and Android. [Mashable]

GroupMe is an application company that allows people to create private groups and send out mass text messages. GroupMe has acquired a smaller application development company called Sensobi. Sensobi was co-founded by Ajay Kulkarni and Andrew Cheung. Sensobi will be integrated into GroupMe’s BlackBerry application. Later it will be rolled into GroupMe’s iPhone and Android applications.

GroupMe is a service that lets users create text messaging groups and conference calls. GroupMe has raised a second round of funding from Khosla Ventures, General Catalyst Partners, First Round Capital, Lerer Ventures, Betaworks, and SV Angel. GroupMe is only 8 months old and they have 10 employees. [TechCrunch]

GroupMe is a service that lets you text a group of people using just one phone number. GroupMe is currently in the middle of raising venture capital, but there is supposedly a bidding war taking place. This round of funding would put GroupMe at a value that is close to $30 million.