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Yahoo Buys Mobile App Company Qwiki For Around $50M


Yahoo Buys mobile app company Qwiki. According to tech blog AllThingsD has reported its deal will be around $50 Million. Qwiki app automatically turns pictures and videos from events you've captured on your iPhone into brief, beautiful movies to share. Its pick the best moments and pacing then add transitions and a soundtrack. Its a free app for iPhone. 

Yahoo said in blog, We’re excited to announce that Yahoo! acquired Qwiki - a company that uses awesome  technology to bring together pictures, music and video to capture the art of storytelling.
We will continue to support the Qwiki app, and the team will join Yahoo! in our New York city office to reimagine Yahoo!’s storytelling experience. 

Whereas Qwiki said, "Thank you for being a part of our story - one which is far from over.  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". 

Yahoo! CEO Marissa Mayer always lookout for talent. Reuters said, "Qwiki's app would continue to be supported by Yahoo and its employees would move to Yahoo's New York offices".

As just few weeks ago Yahoo bought Tumblr for $1.1Billion in cash.

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