Yahoo acquires social news start-up Snip.it
23 Jan 2013
Yahoo Inc yesterday said that it has acquired social news start-up Snip.it, its latest acquisition of a start-up under new CEO Marissa Mayer.
Yahoo did not disclose the financial terms of the acquisition, but several media reports speculated that the internet company paid around $15 million.
Founded in October 2011 by Egypt-born, San Francisco-based Ramy Adeeb, Snip.it allows users to cut videos, images, and articles and share opinions with their friends.
Adeeb, previously an investor at Khosla Ventures, had launched the company after the uprising in Egypt in order to share his thoughts on the Arab Spring.
The company has been backed by investors including Khosla Ventures, True Ventures, Charles River Ventures, and SV Angel.
In a blog post, the Snip.it team wrote that it has been acquired by Yahoo!.
.webp)
