Yahoo Inc has acquired the smartphone application maker Stamped as part of its push to build a customized lineup of products and services for smartphones, tablet PCs and other mobile devices.
The purchase of the New-York based start-up is new Yahoo chief executive officer Marissa Mayer’s first M&A venture since she defected from arch-rival Google three months ago to help revive the internet pioneer and transform it into a mainly mobile company.
Financial details of the deal have not been released.
Adam Cahan, Yahoo senior vice president of emerging products and technology, says the acquisition of Stamped should boost Yahoo’s mobile development strategy.
"Mobile is at the center of everything we do, every day, and at Yahoo, it has become one of our most important priorities” says Cahan in a blog post entitled Accelerating Yahoo's Mobile Talent.
"We've acquired a very talented team based in New York City to help us create a new center of mobile product development for Yahoo,” he added.
Since July, Mayer has begun poaching mobile talent from her former employer, with top advertising executive Henrique de Castro among the highest-profile Google defectors.
Mayer made news of the acquisition public by posting an Instagram photo at Stamped’s New York offices with the company’s creators, former Google employees Robby Stein and Bart Stein, and Kevin Palms.
"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 trio said in a statement on their website.
Stamped became popular in the smartphone world with its app that allows users to “stamp” or publish their favorite restaurants, movies and books to share them with their friends.
But the founders says the app will be discontinued by the end of the year as it concentrates on creating a new Yahoo app, which it described as “big, mobile and new”.
Key Statistics - Global Smartphone Technology Industry (source: TechNavio)
- The Global Smartphone Security Software market is expected to grow at an annual rate of over 41% between 2011 and 2015. One of the main factors driving growth is the surge in smartphone adoption.
- The Global Smartphone Application Processor market is expected to grow at an annual rate of almost 50% between 2011 and 2015, with increasing demand for smartphones one of the key contributors.
- The Global Smartphone Device market is expected to grow at an annual rate of 24.5% between 2011 and 2015, with the decreasing price of smartphones one of the main contributing factors.