Investments, News

Yahoo acquires and shutters down mobile video app startup Ptch

ptcgYahoo acquires Ptch, the startup behind a mobile app that allow users to transform their photos & videos into beautiful, shareable movies.

Ptch released its mobile app around a year ago and will shut down its service on January 2, 2014, announced the company. Until then, its users can download their ‘ptches’, to save them.

Terms of the deal has not been disclosed. However, post its shutdown the team of Ptch will join Yahoo. “we’re excited to announce that Ptch will be joining Yahoo! As part of the Yahoo team, we’ll be able to focus our efforts and leverage our technology to make Yahoo’s photo and video platforms the best in the world.” Ptch said in a blog post.

Ptch started working on the development of its app inside DreamWorks Animation. The app allows users to remix their videos with effects and music and circulate their piece toother to mash it up further.

The product was the brainchild of  Dreamworks CTO Ed Leonard, who left Dreamworks right after its development phase and took over the role of Ptch’s CEO.

The acquisition of Ptch has come a day after it took over SkyPhrase, a natural language processing startup. Yahoo has recently acquired a string of companies as a talent acquisition to boost the company’s expertise and offerings.

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