Yahoo buys moviemaking app Qwiki
03 July 2013, 16:31
Cape Town – Yahoo has acquired Qwiki, the start-up behind an iPhone app that allows users to turn photos, music and videos into short movies automatically.
The BBC reported that Yahoo has been on a shopping spree as it looks to win advertisers and users back from rivals Google and Facebook.
In recent days it has acquired blogging service Tumblr and Bignoggins Productions which specialises in fantasy sports apps for iPhones.
Yahoo did not disclose the amount it paid to buy Qwiki. However, technology blog AllThingsD reported that the deal was valued between $40m to $50m.
Yahoo said in a statement that it "will continue to support the Qwiki app, and the team will join Yahoo! in our New York city office to re-imagine Yahoo!'s storytelling experience".