Small Business News

Yahoo Buys Qwiki

A couple weeks ago, reports came out that Yahoo was close to a deal to acquire Qwiki. Now, it’s official.

A Yahoo spokesperson said, “Today we acquired Qwiki, an app that turns pictures and videos on your iPhone into brief, beautiful movies put to music. We’re really excited about the possibilities this acquisition brings to our media, mobile, Flickr and video offerings.”

“We will continue to support the Qwiki app, and we plan to integrate the Qwiki technology into Yahoo!’s experiences in the near future,” the spokesperson adds.

Terms of the deal were not disclosed, but Kara Swisher, who first reported on the companies being close to a deal put it somewhere around $50 million.

Qwiki launched to the public back in January of 2011, with funding led by Facebook co-founder Eduardo Saverin. At the time, we compared it to a Wikipedia in which all the articles were read to you in a robot voice while showing you related imagery. A great deal has changed with Qwiki over time, however.

These days, Qwiki is a more focused on mobile storytelling with an app that lets users make little videos using pictures, music and other videos. The company shut down its web platform earlier this year.

As for Yahoo, the acquisition train does not appear to be slowing down. Yesterday, it was Bignoggins.

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