Yahoo
said that it will buy Qwiki, a mobile app for creating videos in
Apple's iPhone, as it tries to increase its presence in the world of
smartphones and tablets.
The company paid
about $50 million for the deal, tech blog AllThingsD cited sources as
saying. Terms of the deal however were not disclosed.
This
is Yahoo's third acquisition since May when it bought blogging service
Tumblr for $1.1 billion in cash. Earlier this week, the company
reportedly acquired Bignoggins Productions, another mobile app
developer.
Yahoo has seen its revenue shrink
in recent years in the face of competitionGoogle Inc and Facebook Inc,
but since she tookge in 2012 CEO Marissa Mayer has tried to turn the
tide through a string of acquisitions.
Qwiki's app would continue to be supported by Yahoo and its employees would move to Yahoo's New York offices.
Yahoo shares closed at $24.99 on Tuesday on the Nasdaq.
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