WEB PORTAL Yahoo announced on Wednesday that it bought Qwiki for an undisclosed sum, as the firm's spending spree continues.
Qwiki started out as a video focused search engine in 2011, before making its way into the iTunes Store as an app that turns images and videos into digital story boards.
Yahoo announced its acquisition of Qwiki on Wednesday, although it kept quiet about what it plans to do with the company and how much it spent. However, according to Allthingsd, Yahoo spent approximately $50m to further expand its digital offerings.
What's more, while it's unclear what Yahoo's plans are at present, it's likely that the firm is looking to challenge Vine and Instagram in the social video market.
Yahoo announced the news, naturally, on Tumblr. It said, "We're excited to announce that Yahoo acquired Qwiki - a company that uses awesome technology to bring together pictures, music and video to capture the art of storytelling.
"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. Stay tuned ... there's much more to come!"
Qwiki also had something to say, posting on its website, "Thank you for being a part of our story - one which is far from over. The Qwiki app will live on as a standalone entity inside Yahoo, where we will grow our thriving community and where our team will continue to work to help you share life's best experiences.
"We are proud of the work we've done, and humbled by unwavering support from the NY tech community. New York is such a big part of who we are, and what we will become."
Yahoo's buyout of Qwiki is the latest in a series of acquisitions by the firm. Recently the firm announced that it bought Tumblr for a cool $1.1bn, with Yahoo CEO Marissa Mayer promising "not to screw it up". µ
Tags: Social Media