Yahoo buys Rockmelt for more than USD50 Million
Yahoo! Inc. paid more than USD50 million for Rockmelt Inc. after the chief executive officer of Yahoo, Marissa Mayer had looked to reinvigorate the Web portal by adding technology and employees from startup companies.
Rockmelt is a developer of Web-browsing software. The acquisition deal between Rockmelt and Yahoo was valued at a hefty USD70 million. This was according to a source who asked not to be named as the terms of the deal were held private in nature. Rockmelt would shut down its website and applications on August 31.
Yahoo CEO Mayer has spent around USD1.2 billion in acquiring startups. The move was to bring top engineering talents back to Yahoo and revive the Web portal. According to a Rockmelt blog, its team and underlying technology would help build tools for Yahoo. This would incept browsing content online and mobile devices.
Earlier, a report from AllThingsD technology blog said that Yahoo paid between USD60 million to USD70 million for the acquisition deal. Yahoo spokesperson Lauren Armstrong declined to give statements regarding the terms of the deal.