Continuing with the Yahoo’s acquisition spree, Marissa Mayer now step on to mobile video platform, Qwiki as announced on the Qwiki blog. Just like tumbler, Qwiki will also be working as an independent entity with Yahoo and will join Yahoo at New York office. Though the terms of acquisition are still undisclosed, as per the reports, it is estimated to be around $50 million.
“The Qwiki app will live on as a standalone 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,” said Doug Imbruce, Founder, Qwiki.
The acquisition seems sense as previously with Tumbler, Yahoo has also acquired many other mobile-based platforms, such as news app Summly and video conferencing platform Rondee.
Founded by Louis Monier and Doug Imbruce, Qwiki is popular for its app which allows the user to automatically create beautiful movies from the events captured on their iPhone – providing a rich and elegant way to share their life with one tap. In only 2 weeks of its launch, Qwiki for iPhone has 225k downloads with 50k Qwikis created.
Qwiki was backed by investors such as Facebook co-founder Eduardo Saverin, YouTube co-founder Jawed Karim and Groupon co-founder Eric Lefkofsky
The existing successful players in the video segment include Vine, launched by Twitter, and recently joined Instagram for video.
The continuous acquisition spree of Yahoo clearly indicates the determination of Marissa Mayer to acquire all new and vibrant technologies. However, it also indicates about the recent trend leading to growing popularity
Image Courtesy: Quiki.comCategory Internet Investments News