One of the up and coming successful startups in New York just got bought by Yahoo for good money.

Qwiki a iPhone app that turns pictures and videos from events you’ve captured on your iPhone into brief, beautiful movies that can be shared via sms, Facebook, Twitter etc.

The purchase is worth $50 million and follows the purchase of Tumblr, Yahoo had this to say via a Tumblr blog:

We’re excited to announce that Yahoo! acquired Qwiki – a company that uses awesome technology to bring together pictures, music and video to capture the art of storytelling.

Have you ever listened to an old song and all of a sudden a favorite vacation, concert, or summer memory pops into your mind? The Qwiki app automatically turns pictures and videos that you already have on your iPhone into quick, beautiful movies to share, including transitions and a
soundtrack.

Sharing a Qwiki is easy, whether you want to share your favorite moments from Coachella with your Facebook friends or celebrate the best moments from your sister’s wedding.

We will continue to support the Qwiki app, and the team will join Yahoo! in our New York city office to reimagine Yahoo!’s storytelling experience. Stay tuned … there’s much more to come!

TechWrapZA

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