Yahoo Buys Mobile App-Maker Qwiki
By Avik Das
Yahoo has agreed to buy Qwiki, a mobile app for creating videos on Apple's (AAPL) iPhone, as the Internet company tries to increase its presence in the world of smartphones and tablets.
Yahoo (YHOO) paid about $50 million for the deal, tech blog AllThingsD cited sources as saying. Terms of the deal, however, weren't 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 (GOOG) and Facebook (FB), 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 ended Tuesday trading on the Nasdaq at $24.99.