Report: Yahoo! is acquiring Tomfoolery

Posted Jan 28, 2014

Yahoo! is reportedly planning to acquire Tomfoolery, a mobile company founded by former Yahoo! and AOL executives that build mobile-first enterprise apps. According to TechCrunch, Yahoo! is in advanced talks to buyout Tomfoolery for around $16 million. Tomfoolery launched around a year ago with about $1.7 million in seed funding from Andreessen Horowitz, David Tisch, Jerry Yang, Brad Garlinghouse, Ash Patel, and Sam Pullara.

Tomfoolery’s first product is an app called Anchor, which is a real-time conversation platform. The app’s users can create groups for different threads and there is a camera button next to the main text input window for users to upload pictures as you would in a consumer product to enhance the content in the conversations. Anchor has been integrated with support for Box, Dropbox, and Evernote for supporting workflows.

Tomfoolery was planning to build several other business apps prior to the acquisition talks. It is unknown whether Yahoo! would have the Tomfoolery work on an in-house project or continue their path to build enterprise apps. Tomfoolery CEO and co-founder Kakul Srivastava is the former GM of Flickr and saw the photo service grow from 37,000 users to over 50 million.

[Source: TechCrunch]