Yahoo's arissa Mayer announced via Twitter Thursday that the company has acquired the start-up Stamped.
Mayer tweeted: "Got to visit our new acquisition, Stamped, this morning—happy to be reunited with Robby (rmstein) and his team!"
Stamped is the first acquisition that Mayer has made as CEO. The small company is only a year-and-a-half-old and is built around the idea of sharing users' favorite things, like music, movies and books. The terms of the deal were not disclosed.
Two of the three founders are also former Googlers . Robby Stein, the CEO and co-founder, and Bart Stein, the co-founder and head of marketing and partnerships both have worked for the search giant. Kevin Palms is the third co-founder and worked at a hedge fund in New York City before starting Stamped.
The start-up posted on its website Thursday though that it would be discontinuing its product by the end of the year and would be launching a new product for Yahoo, but did not reveal what the product would be.
"As for our team's next step, we couldn't be more thrilled to join Yahoo!. As a team of mostly former Googlers, we've all worked with and are big fans of Marissa. So when an opportunity arose to become a part of the team at Yahoo!, we jumped," the founders of Stamped posted on the company website.
Apple's App Store helped transform the broader app economy from a niche market into a global phenomenon.
Google's controversial Glass product will soon be able to be controlled by your mind.
The app industry has grown in to a multi-billion dollar industry and there's no signs of stopping. These are the winning categories in the sector.
The Federal Trade Commission is suing Amazon over children's in-app purchases.
Get the best of CNBC in your inbox
Birchbox is launching its first brick-and-mortar store where customers can book appointments, test and purchase products.
The city of San Francisco is cracking down on MonkeyParking, an app that lets users auction off public parking spots.
The stock jumped to a high of $33 a share, valuing the company at nearly $4 billion.