Yahoo! Acquires Curation Startup Company Snip.it
Yahoo! has acquired Snip.it, a content curation startup that organizes web clips similar to the way that Pinterest organizes content according to AllThingsD. The acquisition price was undisclosed, but TechCrunch reports that the company sold for $10 million along with several million dollars in earn-outs related to team retention. Snip.it shut down their service and has allowed users to download their data until February 21, 2013. Some of Snip.it’s investors include Khosla Ventures, True Ventures, Charles River Ventures, and SV Angel.
Snip.it’s homepage says:
We are excited to share some big news: Snip.it has been acquired by Yahoo!. For the past year and a half, we’ve worked tirelessly as a team to build the best social news platform on the web. We’ve been absolutely blown away by the breadth, depth and quality of the content you guys share on Snip.it every day. You helped make it a treasure trove of unique content, and we cannot thank you enough for your contributions to the platform, as well as your valuable feedback on the product.
Snip.it’s will be working specifically with Yahoo! on their social news offering. In the last few months, Yahoo! has acquired a few small startups including OnTheAir and Stamped. As Snip.it shuts down their service, they have created the Snip.it Hall of Fame where some of the top contributors were honored. Their Twitter handles were included so that you can continue to stay connected and follow their insights.