Yahoo buys Qwiki for $50M

In an attempt to increase its internet presence, on Tuesday Yahoo acquired Qwiki, an iOS app that allows Apple iPhone users to turn photos, music and videos into slideshow videos in their camera roll.

Yahoo did not reveal how much they paid for Qwiki, but according to sources, the app cost between $40m and $50m (£26m and £33m).

Yahoo has focused on expanding its mobile software since Marissa Mayer was hired as CEO a year ago.

Mayer has focused on building up acquisitions to try and change Yahoo’s outlook and the company’s revenue has increased 62 per cent to $28.2bn (£18.6bn) since she became chief executive.

In total, Yahoo has acquired 15 companies since Mayer was hired, including three since May, when it bought blogging service Tumblr for $1.1billion (£730m).

Other acquisitions include Bignoggins Productions, a mobile app for managing fantasy sports teams on iPhones that was purchased earlier this week, social recommendation start up Jybe and news summary app Summly, which was built by a UK teenager.

The Qwiki team will join Yahoo’s New York City office, but the Qwiki  brand will continue to exist separately, unlike most of Yahoo’s smaller start up purchases.

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