Yahoo acquired NYC startup Qwiki. Both companies have officially announced about this acquisition on Tuesday. Yahoo is actually thrilled to see Qwiki on its mobile platform. The company states, "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".
Qwiki is basically an iOS app that allows users to automatically transform their videos, photos and music into short movie clips. It's a great thing to do with your iOS devices. Qwiki for iPhone is launched recently. NYC Mayor Michael R. Bloomberg also admired this video making app. His statement is posted on Qwiki blog.
“Qwiki is a great example of the momentum in New York City’s booming tech sector. While the company was started out west, they relocated here to be a part of our surging tech community… We congratulate them on their partnership with Yahoo!, and hope they continue to grow and thrive in New York City.”
The terms of this deal are not disclosed. But AllThingsD reported that Yahoo paid in between $40 million to $50 million for this acquisition. This is Yahoo's third acquisition within 2 months. Back in May, Yahoo Tumblr deal is done for $1.1 billion in cash. Yahoo has also acquired iOS photography app maker GhostBird Software in mid of June.