Yahoo has announced that it is buying content curation site Snip.it to help the Marissa Mayer led firm meet its new company goals. All things D reports that Yahoo is paying in the “mid teens” of millions of dollars to acquire the firm but no exact number has been provided.
Snip.it is a platform that lets users share with each other content like news articles and videos individually or in groups. The site was founded by Ramy Adeeb who was also a principal at Khosla Ventures. His association with the VC fund has stuck with him at Snip.it and his company has investment from Khosla ventures and others like True Ventures, Charles River Ventures and SV Angel.
The exact direction that Snip.it will take with Yahoo is unclear right now. The website did announce its acquisition by Yahoo and the company has given users one month to download their data before the move takes place.
The idea for Snip.it came from the sites founder’s personal experience. All Things D reported in Oct. 2011 that, “Adeeb is an Egyptian living in San Francisco who built his company’s bookmarking tool after experiencing his home country’s revolution from afar earlier this year, when all his friends were interested in hearing his perspective on what was happening in Egypt.”
Kara Swisher has talked about Yahoo’s content strategy and from here comments below it can be easy to see why Yahoo has acquired the firm. Yahoo has a long way to go before it can compete against Google but the company seems to be taking the right steps for now. Swisher stated that:
“While one might argue that Google is already the Google of content, the plan is to make Yahoo more relevant by tailoring it to the individual and make the site a “trusted destination to get them to where they want to go and keep going back.”
Thus, the thinking goes, while Google is the place people come to search for links, Yahoo then becomes the place users come to find content. That means more partnership deals from third-party sources, with an additional social component layer and synced across a number of devices and platforms, especially video.
“Google will find links for content,” said another source. “Yahoo will put the content right there.”
If it all sounds a bit like a turbocharged Twitter, you’re right. It’s especially important since the old big-traffic deals that Yahoo could strike based on their portal power have become supplanted by marketers looking for mobile, social and other solutions.”
Source: All Things D
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