Reuters: Small Business News: Yahoo CEO Mayer buys mobile start-up

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Yahoo CEO Mayer buys mobile start-up Oct 25th 2012, 19:01 Tweet Share this Email Print Related News Facebook wins back friends on Wall Street, shares soar Wed, Oct 24 2012 Facebook mobile revenue grows faster than expected Tue, Oct 23 2012 Yahoo's new CEO Mayer takes on the mobile challenge Tue, Oct 23 2012 Dow, S&P end flat; Yahoo gains after the bell Mon, Oct 22 2012 Analysis: Yahoo CEO's comeback plan homes in on technology, not media Mon, Oct 22 2012 Analysis & Opinion Marissa Mayer and the art of the earnings call Jack Dorsey's impractical double duty Related Topics Tech » Small Business » Media » 1 of 2. A Yahoo! billboard is seen in New York's Time's Square January 25, 2010. Credit: Reuters/Brendan McDermid By Alexei Oreskovic SAN FRANCISCO | Thu Oct 25, 2012 3:44pm EDT SAN FRANCISCO (Reuters) - Yahoo Inc said on Thursday it bought a small, mobile start-up company in New York, marking one of new Chief Executive Marissa Mayer's first moves to revamp the struggling Web pioneer by acquiring outside products and technology. Yahoo purchased Stamped, which makes a product that lets consumers share favorite restaurants and music on their smartphones. It did not disclose financial details. In a blog on the Stamped website, Stamped co-founders wrote that Yahoo would discontinue the Stamped product by the end of the year and that the team would be working on something "big, mobile and new." "As a team of mostly former Googlers, we've all worked with and are big fans of Marissa. So when an opportunity arose to become a part of the team at Yahoo!, we jumped," read the blog post, which featured a picture of the three co-founders alongside Mayer. A former Google Inc executive, Mayer took over as Yahoo CEO in July, becoming the latest in a string of executives to try to revive revenue growth at the Web portal. During Yahoo's quarterly earnings conference call on Monday - her first public remarks since taking the helm - Mayer said that her top priority was to create a coherent mobile strategy for Yahoo. Yahoo said the Stamped team consists of nine employees. The company, with not quite two years of history under its belt, has already won seed funding from celebrities such as pop star Justin Bieber and The New York Times, according to CrunchBase, an online blog and database of venture capital transactions. Shares of Yahoo were up 7 cents at $16.61 in afternoon trading. (Reporting By Alexei Oreskovic; Editing by Maureen Bavdek) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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