In a move which will help the company to further cement its foothold in the mobile app world, Internet Company, Yahoo Inc. (NASDAQ: YHOO) announced on Tuesday that it has bought Qwiki Inc., a New York-based startup which makes mobile apps for making videos on iPhone, according to All Things D.
While the financial terms of the deal were not revealed, All Things D said that the internet company paid about $50 million to purchase Qwiki, citing sources familiar with the transaction.
The iPhone app let users to make short videos automatically from already saved photos, music and videos on their iPhones along with a soundtrack and transitions.
Yahoo Chief Executive Officer, Marissa Mayer has employed aggressive acquisition –led strategy to gain traction in the fast growing mobile app market.
In order to counter rising completion from rivals such as Google Inc. (NASDAQ: GOOG), and Facebook Inc. (NASDAQ: FB), Yahoo has been expanding its mobile and online products offerings lately.
Earlier in June, Yahoo acquired a New York based microblogging social media Tumblr in an all-cash deal valued at $1.1 billion. This was largest deal for Yahoo Inc ever since Ms. Mayer took over the reins of the Company in July 2012.
Some other smaller mobile apps and startup acquisitions of Yahoo includes Loki Studios, MileWise, Summly, GoPollGo and Astrid. Besides, the Company also recently bought GhostBird Software, a photography apps developer. Earlier this week, news reports said that Yahoo acquired Bignoggins Productions, a mobile app developer.
Commenting over the deal, Yahoo said in its blog post, “We will continue to support the Qwiki app, and the team will join Yahoo! in our New York City office to reimagine Yahoo!’s storytelling experience.”
Yahoo said that Qwiki employees will shift to Company’s New York Offices.
Shares edged up about 0.30% in afterhours trading.
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