Yahoo CEO Marissa Mayer made her first acquisition since taking over the troubled company in July. Yahoo has "acqu-hired" New York City-based startup, Stamped, which developed an iPhone app of the same name.
Since taking the CEO position, Mayer said her goal was to turn Yahoo into a "predominantly mobile company." In a statement to Tech Crunch, Mayer said, “Our top priority is a focused, coherent mobile strategy… at some point [in the near future] we’ll have to be a predominantly mobile company.” She announced the acquisition yesterday by posting the above photo on Instagram with some of the Stamped team.
Stamped was founded in 2011 and successfully raised $3 million from Google's executive chairman, Eric Schmidt and numerous celebrities like Justin Bieber, Ellen DeGeneres, and Ryan Seacrest. The app and website lets users share recommendations of their favorite things such as restaurants, movies, and books. Details of the deal has not been disclosed but according to the Wall Street Journal the acquisition is rumored to be around $10 million.
The nine-person Stamped team has now started at Yahoo, and posted the following on its blog:
"The Stamped team will be creating a brand new product and engineering office for Yahoo in NYC’s Bryant Park. After everything we learned from building Stamped, we’re excited to start work again on something big, mobile, and new — but we can’t discuss the details just yet. And we’re really stoked to be able to hire lots of talented engineers and designers for this new project. If you’re interested in joining us, send us an email.”
