Yahoo buys video app Qwiki

The app, which allows Apple iPhone users to turn photos, music and videos into slideshow videos, is the latest in a series of purchases for Yahoo.

Yahoo did not reveal how much they paid for Qwiki, but sources cited by technology blog AllThingsD said the app cost between $40m and $50m.

Yahoo has focused on expanding its mobile software since Marissa Mayer was hired as CEO a year ago. In total, Yahoo has acquired 15 companies since Mayer was hired, including three since May, when it bought blogging service Tumblr for $1.1billion.

Earlier this week, Yahoo acquired Bignoggins Productions, a mobile app for managing fantasy sports teams on iPhones.

Other purchases include social recommendation start up Jybe and news summary app Summly, which was built by a UK teenager. Yahoo also redesigned its photo sharing app, Flikr, in May to offer users more storage for free.

SOURCE : http://www.telegraph.co.uk/technology/technology-companies/10156765/Yahoo-buys-video-app-Qwiki.html