Yahoo Inc. (Nasdaq: YHOO) has purchased mobile application developer Stamped for an undisclosed price, according to a corporate blog post.
The New York-based startup is expected to assist Yahoo when it comes to interacting with content users. Stamped currently runs a website and mobile application for customers to make online recommendations.
The deal, Yahoo’s first acquisition since Marissa Mayer stepped in as chief executive, emphasizes the immediacy technology companies face in growing on a mobile platform.
“Mobile is at the center of how we connect with people, consume information, and pass the time,” says Adam Cahan, Yahoo’s senior vice president of emerging products and technology, making it a major focus for the Sunnyvale, Calif.-based Internet company.
Two of Stamped's founders are former Google Inc. (Nasdaq: GOOG) employees. Mayer had spent 13 years as a key executive at Google, before becoming CEO of Yahoo in July.
Mayer has said that pursuing acquisitions of startups would be a part of Yahoo’s strategy moving forward.
For more coverage of Yahoo, see “Marissa Mayer as CEO of Yahoo Means a Sale is Probably Not Imminent” and “Yahoo Sells Half of its Stake in Alibaba for $7.1B."