Yahoo acquires video-share app Qwiki

Internet Corporation Yahoo has added Qwiki, a video-sharing app to its list of recent acquisitions of technology companies.

Qwiki CEO Doug Imbruce said that Qwiki will remain an independent app like Tumblr within Yahoo and continue to grow their thriving community and help create better user experience, ABC News reports.

According to the report, Qwiki is an iPhone app that allows users to gather photos, short video clips and other multimedia and create a short, easily-shareable video clips.

Yahoo said that it will continue to support Qwiki app and their team will join Yahoo's New York city office to reimagine Yahoo's story telling experience.

The report said that Yahoo is speculated to have paid around 40 to 50 million dollars for Qwiki.

Yahoo has been recently on an acquiring spree with small companies but Tumblr being the only exception of large-scale company priced at a whopping 1.1 billion dollars.

Analysts indicate that Yahoo's recent acquisitions of smaller companies and large scale company like Tumblr are aimed at reinforcing Yahoo's mobile and media pushes, the report added.