YAHOO ACQUIRES STAMPED

Finally, Yahoo Inc. reported that it has purchased mobile app development start-up, Stamped, which is the first acquisition by Yahoo under the new CEO Marissa Mayer. Yahoo Inc. hasn’t revealed the terms and conditions of the deal, but it’s expected to be a deal in mid double digit millions.

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ABOUT STAMPED

Stamped was started almost a year and a half ago, its goal was simple: create something that solves a problem and is truly useful, not frivolous. Stamped is based out of New York, runs a website and mobile app for customers to make online recommendations of their favorite things such as books, movies, songs, restaurants, hotels etc. It’s clearly stated on the Stamped’s website that- it will be discontinuing the Stamped product by the end of the year. It also states that the company has already built a tool for users in order to export the existing stamps and other user data.

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STAMPED OFFICIAL STATEMENTS

This is what is showcased on the Stamped website, as an official note from the company-

“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. As entrepreneurs, it’s never easy to walk away from something you built from the ground up, but the folks we met with at Yahoo! are simply top-notch and we’re thrilled to be joining them! The Stamped team will be creating a brand new product and engineering office for Yahoo in NYC’s Bryant Park. “

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YAHOO’S OFFICIAL STATEMENT

This is what came from the Yahoo’s official blog-

“Today, we’re thrilled to announce that 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!,” Adam Cahan, senior vice president of Emerging Products and Technology, wrote on Yahoo’s corporate blog. The entire Stamped team is a natural fit for us.”

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WHAT THIS MOVE MEANS FOR YAHOO

This move is a clear indication that Mayer is looking to take forward Yahoo in the direction of Mobile Technology. The move seems to be a big part of Mayer’s Mobile Strategy. Mayer also went on record by saying that Yahoo has to become a predominant mobile service, and that goal should be attained as soon as possible. Few days back, Mayer quoted that currently Yahoo lacks the mobile talent it needs, and she will be soon doing the needful. Hence, Stamped is first of the acquisitions to follow and soon we are going to witness more.