Also Read - Yahoo Groups to shut down from December 15
Continuing with its start-up acquisition spree, Yahoo has reportedly purchased mobile-video app Ptch that was funded by Dream Works Animation for an undisclosed amount. The Ptch iPhone app lets users create montage videos out of clips and photos. Also Read - WordPress owner Automattic buys Tumblr from Verizon
According to CNET, the Ptch team is expected to join Yahoo after shutting down in January 2014 and the company said that it will be able to focus its efforts and leverage technology to make Yahoo’s photos and video platforms the best in the world. Also Read - Yahoo to pay USD 117.5M in latest settlement of massive breach
The service was launched a little more than a year ago, after being incubated out of DreamWorks for eight months. Yahoo CEO Marissa Mayer has been on a shopping spree of startups since getting the top job at the internet giant in a bid to revive its market share lost to rival Google.
Just a day earlier, the internet giant bought SkyPhrase, a natural language software, expected to be incorporated in Yahoo’s core product lineup.