Posted 07/03/2013 at 11:46 AM
Posted 4 years ago
Yahoo’s recent trend of buying startups has continued. Less than a month after acquiring GhostBird Software for Flickr, and less than two months after the $1.1 billion purchase of Tumblr, the company has unleashed the checkbook again to snap up video app maker Qwiki.
Yahoo did not disclose terms of the deal with the New York-based startup; however, a report from AllThingsD suggests that the fee was somewhere between $40 and $50 million dollars.
“Have you ever listened to an old song and all of a sudden a favorite vacation, concert, or summer memory pops into your mind?” Yahoo asked in a blog post yesterday.
“The Qwiki app automatically turns pictures and videos that you already have on your iPhone into quick, beautiful movies to share, including transitions and a soundtrack.”
Yahoo also promised to offer continued support to the Qwiki app after the team becomes part of the fabric in the corporation’s New York offices. This is great news for Qwiki and its users, and a change from Yahoo’s recent policy of buying up small startups and immediately shutting them down, as was the case with Snip.it, Summly, Jybe, Alike, OnTheAir, and Stamped.
The announcement from Yahoo that the app will remain in the App Store was well received by Qwiki boss Navin Thukkaram.
“I am especially encouraged that Yahoo will keep the product alive and hope to see Qwiki become a part of Yahoo’s mobile renaissance,” said the app’s COO.
Recent purchases reaffirm Marissa Mayer’s plans to focus on mobile to revive the ailing company’s fortunes and with exciting recent acquisitions such as Tumblr, PlayerScale, and Qwiki, she seems to be going the right way about it.
We may not have to wait too much longer for Yahoo’s next major purchase either, as the company is reported to be weighing up a bid for Hulu, following its failed attempt to purchase a majority stake in DailyMotion back in May.