Fri 26th of October 2012, filed under Internet News
Yahoo acquires Stamped
Marissa Mayer has made her first acquisition since becoming Yahoo CEO, obtaining the company behind mobile recommendations app Stamped.
One-year old Stamped first launched as an iPhone app last November. The app lets users share their recommendations with friends by stamping the books, movies and restaurants that they like. People can also track the endorsements of celebrities and trendsetters. Following its release, the start-up updated its iOS app in July 2012, receiving financing from influential names such as The New York Times Company, Ellen DeGeneres and Justin Bieber.
As a result of the Yahoo acquisition, both the Stamped iPhone and web app will be discontinued, suggesting that Mayer obtained the start-up for its nine-person team.
In the third quarter earning call, Mayer announced that Yahoo didn't plan to make any future acquisitions, saying: "We don't have particular acquisitions in mind today, but we need that flexibility."
She also suggested that Yahoo is set to concentrate on mobile technologies in the coming months. Through acquiring the app, Mayer will be able to bring the new talent into Yahoo's growing mobile product department. This includes five ex-Google employees, including Robby Stein who has previously worked with Mayer. The three Stamped co-founders are set to lead the New York team, helping Yahoo to improve its mobile presence.
Tom Glass, creative director at theEword, said: "While Mayer recently announced that Yahoo wasn't planning on any future acquisitions, bringing the Stamped talent into its growing mobile department will help Yahoo to fulfil its aim of becoming a mobile-first company."
Posted by Lauren Knowles