Yahoo Inc. (Nasdaq: YHOO) reportedly paid $30 million for information gathering startup, Summly on March 25 — the web company’s second transaction in less than a week.
The Sunnyvale, Calif.-based Web company acquired Jybe Inc., a Menlo Park, Calif.-based application services provider, on March 20.
Terms of each deal were not disclosed.
Summly is a news-sharing application that will be integrated into Yahoo’s mobile service, along with Jybe, a social recommendation site founded by former Yahoo employees two years ago. Jybe suggests to Web users different types of books, movies and restaurants based on their preference.
Both the Summly and Jybe deals underscore Yahoo’s strategy to broaden and expand its expertise in the mobile segment, as a response to the rapid acceleration of smartphone and tablet usage.
Other recent purchases include Stamped, a mobile application developer and the first acquisition under new chief executive Marissa Mayer (pictured), who took the post on July 2012. Yahoo followed up with a deal to buy OnTheAir, which specializes in broadcasting video, in December. In 2013, Yahoo has picked up Snip.it, a San Francisco-based company that allows users to clip news articles in a fashion similar to scrapbooking site Pinterest, and Propeld, a Seattle-based company known for developing an application called Alike, in January and February respectively.
Squire Sanders LLP represnted Summly on the deal. Latham & Watkins LLP represented Yahoo.
Founded two years ago by Nick D’Aloisio (pictured) when he was just 15-years-old, Summly takes articles from an RSS feed and trims them to fit a mobile screen. The company counts Hong Kong billionaire Li Ka-Shing and actor Ashton Kutcher among its most notable backers.