Yahoo has confirmed the acquisition of US startup Qwiki, producer of the iPhone app that turns photos, music and videos into short, sharable movies.
According to AllThingsD, the deal is worth between $40 million and $50 million - around £30 million - as CEO Marissa Mayer looks to drive Yahoo’s recovery through improved offerings in the mobile space.
“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 the New York-based company following the announcement.
“We are proud of the work we’ve done, and humbled by unwavering support from the NY tech community. New York is such a big part of who we are, and what we will become. “
Qwiki fans will be relieved to learn the startup is retaining its brand identity despite the buyout, echoing Yahoo’s policy with the recently-acquired Tumblr which cost the firm $1.1 billion (£724 million) in May.
“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. Stay tuned … there’s much more to come!”, Yahoo commented.