Spending Spree: Yahoo Picks Up Three More Apps
Yahoo is still on a spending spree, picking up three apps in as many days—one for creating videos in Apple's iPhone, another to manage contacts and a third for fantasy-sports games—as it seeks to revamp its online products and boost its web traffic.
Its latest purchase is Xobni, an email and adddress-book management app. Yahoo said it will integrate Xobni's technology into its communications products, including the mobile and PC versions of its email and instant-messaging services.
Yahoo did not disclose the financial terms of the deal, which the technology blog AllThingsD pegged at $30 million to $40 million. Yahoo said that 31 Xobni employees will be joining Yahoo, including Chief Executive Officer Jeff Bonforte, who previously worked at Yahoo.
The deal is the latest in a string of acquisitions by Yahoo since Marissa Mayer became chief executive a year ago, vowing to boost traffic to Yahoo's online services and to revive the company's stagnant revenue growth.
Yahoo, which has roughly 11,000 employees, has acquired more than a dozen small, Web startups during the past year, focusing particularly on adding technology and services designed for smartphones and tablets.
On Tuesday Yahoo acquired Qwiki, a mobile app that creates mini-movies using a consumer's collection of photos and videos. And on Monday, Yahoo acquired Bignoggins Productions, a mobile app to help players of fantasy sports teams.
Last month, Yahoo closed its $1.1 billion acquisition of blogging service Tumblr, the largest deal by Mayer.
Yahoo's shares finished Wednesday's regular trading session up 2.4 percent at $25.59. (Click here for the latest stock price.)