Yahoo buys mobile app Qwiki

Yahoo said that it will buy Qwiki, a mobile app for creating videos in Apple’s iPhone

July 3, 2013
Yahoo sign

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.

(Reporting by Avik Das in Bangalore; Editing by Stephen Coates)

More software news

BBM for iOS, Android gets launch window

Microsoft releases update, revs up developers for Windows 8 apps

Windows 8.1 Preview download live

Tags: quicknews, Qwiki, Yahoo!

Free Email Newsletter:
Subscribe

Shutterstock is the image partner of MyBroadband – technology images can be found here

Join the conversation

Connect with MyBB

twitterfacebookandroidappleblackberrynewsletterfeed

Poll

Which tech brand do you like the most?

View Results

Loading ... Loading ...

More News

Here they are: All CliffCentral’s audience numbers

CliffCentral

MyBroadband received unlimited access to Gareth Cliff’s CliffCentral audience figures, which tell an interesting story

FNB chucks out IE8

FNB Internet

FNB has announced that it will no longer support Microsoft Internet Explorer 8 (IE8), and will begin phasing out the “old technology” on 14 September 2014.

MTN Pulse offers 29c rate for some calls

MTN Pulse

MTN launched its new MTN Pulse service, offering on-net call rates for as low as 29c per minute

Telkom retrenchment process made court order

Telkom generic

An agreement between Telkom and Solidarity about Telkom’s restructuring and retrenchment process has been made a court order by the Labour Court

bool(true)