Yahoo Builds On Mayer’s Mobile Promise With Stamped Acquisition
Marissa Mayer signs off her first Yahoo acquisition
Yahoo has splashed some cash on mobile software developer Stamped, a New York Start-Up that had not even reached its second year.
Earlier this month, Yahoo CEO, Marissa Mayer, outlined plans to focus on mobile, claiming the firm had “under-invested” in an area that is the fastest-growing Internet-related industry.
Stamped, which was created by ex-Google workers, creates software that allows friends to record and share favourite things, such as restaurants, music and books over their mobiles, by placing a “stamp” on them.
Yahoo getting Googly with it
Major investors include Google Ventures, and Bain Capital Ventures, part of parent firm Bain Capital where Republican Presidential candidate Mitt Romney famously worked.
The Stamped product will be no more by the end of the year, but the company has created a tool for exporting stamps and other data.
“As a team of mostly former Googlers, we’ve all worked with and are big fans of Marissa. So when an opportunity arose to become a part of the team at Yahoo, we jumped,” a blog post from the Stamped team read.
“As entrepreneurs, it’s never easy to walk away from something you built from the ground up, but the folks we met with at Yahoo are simply top-notch and we’re thrilled to be joining them
“The Stamped team will be creating a brand new product and engineering office for Yahoo in NYC’s Bryant Park.”
Yahoo has been looking to ex-Google employees to give it a much needed boost, following Mayer’s appointment from the thriving Mountain View giant.
In June, Michael Barrett, who was at Google after the company’s acquisition of advertising tech start-up Admeld in 2011, was placed in charge of bringing in ad revenue for Yahoo.
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