Yahoo buys video app Qwiki

Yahoo has announced its acquisition of video app Qwiki, which automatically turns pictures and videos into movies.

Though Yahoo has not disclosed how much it paid for Qwiki, All Things Digital estimated the deal value of around $50 million.

In a blog post Yahoo 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."

Yahoo said that the Qwiki team would be joining in at its New York city office.

Yahoo has focusing on expanding its mobile presence ever since Marissa Mayer came from Google to lead its latest comeback attempt about a year ago.

Yahoo has acquired a string of companies ever in the past one year. In May this year, Yahoo announced the acquisition of online blogging forum Tumblr for $1.1 billion, marking its most expensive acquisition since it bought online search engine Overture a decade ago for $1.3 billion in cash and stock.

[Source : businesstoday.intoday.in]