Yahoo! Expands With $10 Million Start Up Acquisition
Pinterest-like social news clipping site Snip.it added to portfolio.
The last few years have been bumpy for online giant Yahoo! with its series of top-level executive changes. But now that new CEO Marissa Mayer is in command, the company is expanding at its quickest pace in recent memory. The businessâ€™s latest portfolio growth came Tuesday in the form of acquisition: The Pinterest-like social news-clipping site Snip.it was purchased by Yahoo! for a reported $10 million.
News of the deal, which was first broke by AllThingsD, was confirmed by the start-up itself in a blog post. â€śWe are thrilled at the opportunity to bring Snip.itâ€™s vision to a larger scale at Yahoo!,â€ť says the statement from the 10-member Snip.it team. â€śWhile we canâ€™t share the specifics of what weâ€™ll be building, we are excited about the opportunity to take social news to new, exciting heights at Yahoo!.â€ť
In addition to Snip.it, Yahoo! acquired video chat startup OnTheAir in December 2012, and Mayer carried out her first M&A deal in October 2012.
â€śSince Marissa Mayerâ€™s appointment as Yahoo!â€™s new CEO earlier this year (2012), she has sought to expand the companyâ€™s mobile offerings since the space is integral to Yahoo!'s future growth,â€ť an unrelated statement from the company says. â€śAs a part of its mobile strategy, the company is eyeing smaller companies with engineering talent and mobile computing specialists. On similar lines, Yahoo! acquired a mobile startup Stamped in October (2012). Its application enables consumers to share information about their favorite restaurants and music on their smartphones.â€ť
The Snip.it site is no longer available as it undergoes the transition into Yahoo!. For users, however, the company built an option to download and export the ownerâ€™s social content, and it created a Snip.it Hall of Fame to recognize its top community contributors.