Yahoo today announced that it has acquired video sharing startup Qwiki, a company which “uses the technology” bringing together pictures, music and video to capture the art of storytelling. For those who still wonder that what the Qwiki app, the app automatically takes pictures and videos which you already have on your iPhone and turning them into movies with both transitions and soundtracks. The company did not disclose the acquisition cost but AllThingsD estimated the acquisition cost of $40 million to $50 million.
Here is what Doug and the Qwiki team announced via its own blog post over the acquisition:
On a journey that took us from NYC to San Francisco and back again, the Qwiki team has spent the past few years creating products and technology that make it easy to share and discover stories.
It has been extremely rewarding having our products downloaded by millions, and watching the Qwiki community evolve and grow – especially via our most recent launch, Qwiki for iPhone. Seeing the stories that you share through the app inspires us every day.
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.
The Mayor’s office was kind enough to send over the following:
“Qwiki is a great example of the momentum in New York City’s booming tech sector,” said Mayor Michael R. Bloomberg. “While the company was started out west, they relocated here to be a part of our surging tech community… We congratulate them on their partnership with Yahoo!, and hope they continue to grow and thrive in New York City.”
We hope so too! This is so much more than a happy ending. It’s a beautiful new beginning. Yahoo!’s focus on our city is further inspiring.
On behalf of the Qwiki team, our sincerest appreciation to the investors, advisors, believers and USERS for helping us reach this outcome. We are so very grateful.
If you have any questions, tweet @Qwiki or email us via firstname.lastname@example.org.
Onwards & Upwards,
-Doug and the Qwiki Team