Yahoo! Buys Qwiki for $50 million
Internet giant Yahoo has announced Tuesday that it has bought Qwiki, a small tech company that develops mobile video apps. Neither company has divulged any details about the acquisition; however, according to the Wall Street Journal's AllThingsD, Qwiki was sold for about $50 million.
Qwiki was the latest Yahoo! acquisition, which has already bought several other startups similar to the small tech firm under the leadership of its CEO Marissa Mayer. However, unlike its other acquired startups, Qwiki would remain to be supported.
According to Qwiki's founder Doug Imbruce, in an official blog post about the acquisition, the company would remain to be a standalone entity operating inside Yahoo! Qwiki's blog post also included words from New York mayor Michael Bloomberg: "Qwiki is a great example of the momentum in New York City's booming tech sector. We congratulate them on their partnership with Yahoo, and hope they continue to grow and thrive in New York City".