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Yahoo Inc acquires scrapbook website Snip.it
Yahoo Inc has acquired “social news” start-up
Snip.it. The start-up is a Pinterest-like service that allows news consumers to
clip, organize and share articles, was founded in 2011 by Ramy Adeeb,
previously an investor at Khosla Ventures.
Yahoo Inc has acquired “social news” start-up
Snip.it. The start-up is a Pinterest-like service that allows news consumers to
clip, organize and share articles, was founded in 2011 by Ramy Adeeb,
previously an investor at Khosla Ventures.
In a 2012 interview, Adeeb, an Egyptian native, told Reuters
he conceived his start-up idea during the recent Egyptian revolution, when he
wanted to share articles about Middle East politics but found Twitter to be
inadequate because most of his interactions with his Twitter followers were
related only to tech in Silicon Valley.
In a company blog post, Snip.it said it would shut down its
current service but work on bringing “social news” to Yahoo, without
providing details.
“The Snip.it team created an innovative technology that
lets people share content in a social and fun way. Reading and sharing content
is a core daily habit for most of the world, and we can’t wait to work with the
Snip.it team to make that experience even more entertaining for our users,”
Yahoo! vice president of product Mike Kerns said in a statement.
Financial terms of the acquisition were not disclosed but
unconfirmed online reports estimated the figure to be in the vicinity of $15
million.