Going by Yahoo's renewed business strategy to capitalize the mobile opportunity as envisaged during its quarterly earnings call, the web pioneer's new CEO Marissa Mayer has made her first acquisition - Stamped, a New-York based mobile start-up company.
Yahoo acquired Stamped, a year-and-a-half old company which created and runs a mobile recommendations platform that lets customers to "stamp" (share) everything from a favourite restaurant to a beloved song.
"We're very happy to share some big news: Stamped has been acquired by Yahoo!," Stamped co-founders wrote on the company blog. "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."
Yahoo is not planning to keep the product. The deal is strictly a talent acquisition and so, the product will be shut down by the end of the deal. However, the startup said users can continue using it as the team has built a tool for exporting stamps and other data.
The company that has already won seed funding from celebrities such as Ryan Seacrest and Justin Bieber, said it will "create a brand new product and engineering office for Yahoo in NYC's Bryant Park."
"After everything we learned from building Stamped, we're excited to start work again on something big, mobile, and new -- but we can't discuss the details just yet," the young entrepreneurs wrote. "And we're really stoked to be able to hire lots of talented engineers and designers for this new project."
