Yahoo buys mobile app co Qwiki
Yahoo Inc said that it will buy Qwiki Inc, a mobile app for creating videos in Apple Inc's iPhone, as it tries to increase its presence in the world of smartphones and tablets.
The company paid about $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 $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 Inc and Facebook Inc, but since she took charge in 2012 CEO 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.
Yahoo shares closed at $24.99 on Tuesday on the Nasdaq.
(Reuters)
Like Naija Sniffer on Facebook
Follow Naija Sniffer on Twitter
Naija Sniffer: The Nigerian gossips monger for Nigeria and the World
Yahoo buys mobile app co Qwiki
![]()
Reviewed by Kratos Olympian
on
02:10
Rating:
No comments:
Comment Policy
We’re eager to see your comment. However, Please Keep in mind that all comments are moderated manually by our human reviewers according to our comment policy, and all the links are nofollow. Using Keywords in the name field area is forbidden. Let’s enjoy a personal and evocative conversation.