Yahoo! Acquired Qwiki For $50 Million
Yahoo! has acquired Qwiki, a New York based startup company, for $50 million. Yahoo! did not confirm the price, but sources with AllThingsD provided the details. Qwiki is a mobile application that makes it possible to turn photos, music, and videos into short movies. The Qwiki brand will be shut down. At first, Qwiki started as a multimedia search company.
“We will continue to support the Qwiki app, and the team will join Yahoo! in our New York city office to reimagine Yahoo!’s storytelling experience,” stated Yahoo! in a blog post. Last year Qwiki connected to ABC News as a publishing partner.
Doug Imbruce is the CEO and co-founder of Qwiki. The other Qwiki co-founder is Louis Monier, whom is known for being the founder of the AltaVista search engine.
Qwiki has raised over $10 million in funding including Lerer Ventures and Lightbank along with Facebook co-founder Eduardo Saverin.