Yahoo was founded by Jerry Yang and David Filo in January 1994 and was an early pioneer in the dotcom boom, but was quickly overhauled by Google and others. In 2008, it rejected a US$44.6 billion bid from Microsoft, and subsequently Yahoo’s market capitalisation slipped to just US$22.24 billion just three years later.
Yahoo buys mobile app co Qwiki
Reuters in San Francisco
Yahoo said that it will buy Qwiki, a mobile app for creating videos in Apple’s
iPhone, as it tries to increase its presence in the world of smartphones and tablets.
The company paid about US$50 million for the deal, tech blog AllThingsD cited sources as saying. Terms of the deal however were not disclosed.
This is Yahoo’s third acquisition since May when it bought blogging service Tumblr for US$1.1 billion in cash. Earlier this week, the company reportedly acquired Bignoggins Productions, another mobile app developer.
Yahoo has seen its revenue shrink in recent years in the face of competition from Google and Facebook, but since she took charge last year chief executive Marissa Mayer has tried to turn the tide through a string of acquisitions.
Qwiki’s app would continue to be supported by Yahoo and its employees would move to Yahoo’s New York offices.