Yahoo! has bought New York-based start-up, Qwiki.
Unlike other smaller acquisitions Yahoo! has made recently, it says it will continue to support the Qwiki app. The Qwiki team will move into Yahoo!'s New York HQ.
Two weeks ago AllThingsD's Kara Swisher reported that Yahoo was looking to buy Qwiki for around $50 million.
Here's the full Tumblr post from Yahoo!:
We’re excited to announce that Yahoo! acquired Qwiki -- a company that uses awesome technology to bring together pictures, music and video to capture the art of storytelling.
Have you ever listened to an old song and all of a sudden a favorite vacation, concert, or summer memory pops into your mind? 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.
Sharing a Qwiki is easy, whether you want to share your favorite moments from Coachella with your Facebook friends or celebrate the best moments from your sister’s wedding.
We will continue to support the Qwiki app, and the team will join Yahoo! in our New York city office to reimagine Yahoo!’s storytelling experience. Stay tuned … there’s much more to come!
Qwiki has also published its own post:
On a journey that took us from NYC to San Francisco and back again, the Qwiki team has spent the past few years creating products and technology that make it easy to share and discover stories.
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.
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.
We are proud of the work we’ve done, and humbled by unwavering support from the NY tech community. New York is such a big part of who we are, and what we will become.
The Mayor’s office was kind enough to send over the following:
“Qwiki is a great example of the momentum in New York City’s booming tech sector," said Mayor Michael R. Bloomberg. “While the company was started out west, they relocated here to be a part of our surging tech community … We congratulate them on their partnership with Yahoo!, and hope they continue to grow and thrive in New York City.”
We hope so too! This is so much more than a happy ending. It’s a beautiful new beginning. Yahoo!’s focus on our city is further inspiring.
On behalf of the Qwiki team, our sincerest appreciation to the investors, advisors, believers and USERS for helping us reach this outcome. We are so very grateful.
If you have any questions, tweet @Qwiki or email us via email@example.com.
Onwards & Upwards,
-Doug and the Qwiki Team
This story originally appeared on Business Insider.