Yahoo will acquire Qwiki, a start-up behind a mobile app for creating videos on Apple's iPhone, as it continues to ramp up its mobile offerings.
Yahoo paid about $50m (£33m) for the company, according to sources close to the matter, reported AllThingsD, but other financial terms of the deal were not disclosed.
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Qwiki enables users to make a short video from pictures, audio and videos that they already have, which Yahoo claims "captures the art of storytelling".
The acquisition follows a buying spree that included blogging service Tumblr for $1.1bn, mobile app developer Bignoggins Productions and start-ups Alike, Stamped, Snip it and a Summly application that was launched by a British teenager.
Unlike many of the apps that Yahoo has acquired, Qwiki will continue to be supported, and the team will move from San Francisco to Yahoo's New York City office, Yahoo revealed in a statement.
"It has been extremely rewarding having our products downloaded by millions, and watching the Qwiki community evolve and grow - especially via our most recent launch, Qwiki for iPhone. Seeing the stories that you share through the app inspires us every day," Doug Imbruce, founder and CEO of Qwiki, said on behalf of the Qwiki team.
"Thank you for being a part of our story - one which is far from over. The Qwiki app will live on as a standalone entity inside Yahoo, where we will grow our thriving community and where our team will continue to work to help you share life's best experiences," he added.
