Yahoo Inc. (Nasdaq: YHOO) made a splash when it paid $1.1 billion for the popular multimedia blogging service Tumblr Inc., but the deal was just the tip of the iceberg for the struggling Internet pioneer. Since July 2012, when former Google Inc. (Nasdaq: GOOG) executive Marissa Mayer (pictured) took the helm, Yahoo has purchased nearly 40 companies, most of them in 2013.

"At our core, Yahoo is about making the world's daily habits inspiring and entertaining," Mayer said recently. Her M&A strategy includes building on Yahoo's offerings to streamline tasks on mobile devices, such as checking news, sending e-mail, sharing images and playing games.

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