Internet giant Yahoo! has acquired Qwiki, a mobile iPhone app that lets users create videos, for about US$50m.
The purchase marks another move by Yahoo! to increase its presence on smartphones and tablets. Most recently, the company acquired blogging platform Tumblr for US$1.1bn.
Under the deal, Yahoo! will support Qwiki’s app and Qwiki’s employees will move to Yahoo!’s offices in New York.
Yahoo! announced the acquisition in a blog post yesterday.
“Have you ever listened to an old song and all of a sudden a favourite vacation, concert, or summer memory pops into your mind?” the post reads.
“The Qwiki app automatically turns pictures and videos that you already have on your iPhone into quick, beautiful movies to share, including transitions and a soundtrack.”