Yahoo! Acquires Qwiki
Jul 2nd 2013 6:09PM
Updated Jul 2nd 2013 6:10PM
For the second time in as many days, acquisitive Internet giant Yahoo! has announced that it has bought a small tech company. The company revealed -- in a post on another recent purchase, Tumblr -- that it acquired Qwiki, which produces an app for Apple's iOS ecosystem that creates short movies from photos and videos on a user's mobile device.
Neither Yahoo! nor Qwiki revealed the terms of the deal. According to The Wall Street Journal's All Things D, the price was in the $40 million to $50 million range.
In an official company blog post announcing the acquisition, Qwiki said its namesake app is to remain a "stand-alone 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."
Yahoo! said that the Qwiki team will work from the sprawling Internet company's New York City office.
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