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| Yahoo has bought another start up, its third since May, as part of its push into the mobile market |
The app, which allows
Apple iPhone users to turn photos, music and videos into slideshow videos, is
the latest in a series of purchases for Yahoo.
Yahoo did not reveal how
much they paid for Qwiki, but sources cited by technology blog AllThingsD said
the app cost between $40m and $50m (£26m and £33m).
Yahoo has focused on
expanding its mobile software since Marissa Mayer was hired as CEO a year ago.
In total, Yahoo has acquired 15 companies since Mayer was hired, including
three since May, when it bought blogging service Tumblr for $1.1billion
(£730m).
Earlier this week, Yahoo
acquired Bignoggins Productions, a mobile app for managing fantasy sports teams
on iPhones.
Other purchases include
social recommendation start up Jybe and news summary app Summly, which was
built by a UK teenager. Yahoo also redesigned its photo sharing app, Flikr, in
May to offer users more storage for free.
Yahoo was one of the
first internet giants but the company's revenue has decreased in face of strong
competition from Google and Facebook. Mayer has focused on building up
acquisitions to try and change Yahoo's outlook and the company's revenue has
increased 62 per cent to $28.2bn (£18.6bn) since she became chief executive.
The company said Qwiki's
brand will continue to exist separately, unlike most of its smaller start up
purchases, but Qwiki's employees will move to Yahoo's offices in New York.
Yahoo said in a blog post:
"We’re excited to announce that Yahoo! acquired Qwiki - a company that
uses awesome technology to bring together pictures, music and video to capture
the art of storytelling.
"Sharing a Qwiki is
easy, whether you want to share your favorite moments from Coachella with your
Facebook friends or celebrate the best moments from your sister’s wedding.
"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."
Qwiki, a New York start
up, released a video about joining Yahoo and said:
"The Qwiki app will live on as a standalone entity inside Yahoo!, where we
will grow our thriving community and where our team will continue to work to
help you share life’s best experiences."
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