Yahoo buys mobile app co Qwiki

Yahoo said that it will buy Qwiki, a mobile app for creating videos in Apple’s

iPhone, as it tries to increase its presence in the world of smartphones and tablets.

The company paid about US$50 million for the deal, tech blog AllThingsD cited sources as saying. Terms of the deal however were not disclosed.

This is Yahoo’s third acquisition since May when it bought blogging service Tumblr for US$1.1 billion in cash. Earlier this week, the company reportedly acquired Bignoggins Productions, another mobile app developer.

via Business feed http://www.scmp.com/business/companies/article/1274468/yahoo-buys-mobile-app-co-qwiki