Yahoo acquires web-browsing software startup Rockmelt
03 Aug 2013
Yahoo Inc yesterday acquired a Silicon Valley startup Rockmelt, a developer of web-browsing software, for an undisclosed sum.
Though the financial terms of the deal were not disclosed, several media reports estimated that Yahoo paid more than $50-million.
This is the latest deal under CEO Marissa Mayer, who waqs appointed in July 2012, has spent around $1.2 billion in buying 21 start-ups in order to revive the once internet giant.
Mayer's biggest deal was acquiring Internet blogging service site Tumblr for $1.1 billion in May this year.
Founded in 2009 by Tim Howes and Eric Vishria and backed by venture capitalists including Marc Andreessen and Vinod Khosla, started off by developing a Web browser that incorporated social-networking features from Facebook, Twitter and widget areas from other content sites like YouTube.
It released a desktop browser in late 2010 and created the iOS app in 2012 to navigate the entire Web on mobile devices without ever having to enter a URL.
Rockmelt has raised $40 million from some of the technology industry's greatest innovators, including Andreessen Horowitz, Accel Partners, Khosla Ventures, First Round Capital and individuals like Bill Campbell, Ron Conway and Diane Greene.
Rockmelt's apps and website will shut down after 31 August and Yahoo plans to integrate Rockmelt's technology throughout various products.