Foursquare Gets Huge Buyout Offer After Passing 5 Million User Mark

Foursquare Mobile ScreenshotFoursquare on Wednesday passed 5 million users and with that milestone an unknown company has offered to buy the location based service for $140 million.

It wasn’t until April 2010 that Foursquare passed the 1 million user mark, which means in just 8 months they have managed to increase their user base by 5x.

The company also has the advantage of a large lead over their closest competitor Gowalla. Their large lead even led to Gowalla last week adding Facebook integration to their own application.

Foursquare spoke with USA Today and stated that:

“Though there are over 5 million user IDs in the foursquare community, our user IDs don’t necessarily match up to our actual number of user accounts. That said, we do expect to hit 5 million next week.”

Company CEO Dennis Crowley also verified that Facebook had made an offer for the company, although no price was given, while he noted that another big company made the initial $140 million offer, although he wouldn’t say which company made the buyout bid.

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