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Yahoo Buys Video App Qwiki

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Yahoo is continuing to purchase smaller companies. Its latest acquisition is Qwiki, a company that makes a video creation app for the iPhone.

PCMag's Stephanie Mlot reported, "Yahoo has made yet another acquisition: iOS movie-making app Qwiki. The startup combines social video sharing with filters, transitions, soundtracks, and text to create 'stories' out of everyday moments."

Terms of the deal were not disclosed, but according to All Things D's Kara Swisher, "ATD had reported a $40 million to $50 million price tag, which sources said was in the correct range."

The Telegraph's Olivia Goldhill noted, "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."

Bloomberg's Douglas MacMillan added, "Qwiki’s app will continue to be supported and its employees will move to Yahoo’s New York offices, the Sunnyvale, California-based company said in a statement yesterday."

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