Where To iPhone Application Sells for $70K

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The popular Where To iPhone application is one of the first, if not the first, iPhone application to be sold. The point-of-interest navigation application, which generated over $200,000 in sales to the original creators, has been sold to a new entity called FutureTap founded by Ortwin Gentz, previously the CTO of Equinox, a Mac software development company.

Where To was created by the folks at Tap Tap Tap, who had a difference of opinion as to what direction their company should go after the initial success of their application. When they decided to part ways, it was easier to sell off Where To to an outsider and split the difference. While the purchase price might seem a bit low for an app that brought in a significant amount of revenue, Gentz does a good job explaining how he came up with the price on his blog post announcing the acquisition.