The team behind Snip.it announced on Tuesday that the content curation site had been acquired by Yahoo!.
The deal, which should be made official by the latter sometime this week, amounts to a sum in the “mid teens” of millions of dollars.
“We are thrilled at the opportunity to bring Snip.it's vision to a larger scale at Yahoo!,” says the Snip.it website. “While we can't share the specifics of what we'll be building, we are excited about the opportunity to take social news to new, exciting heights at Yahoo!. The Yahoo! team is passionate about inspiring and entertaining the world’s daily habits, and certainly sharing news and information is something we all do every day. The vision and energy at the company is contagious, and we’re so excited to be part of all that is to come.”
Users cannot curate anything on Snip.it anymore. However, they can freely download and export their content until February 21, 2013 by clicking here.
According to AllThingsD, this acquisition should help Yahoo’s “efforts to become a destination for content.”
Snip.it is the brainchild of Ramy Adeeb, a former Harvard and Stanford student and a former Principal at Khosla Ventures. There, he worked on a number of investments including Square, Groupme (acquired by Skype), and Ness Technologies. He launched the site in October 2011, to allow users to collect and share their favorite content into collections -- in a very similar fashion to Pinterest.
Did you use Snip.it? If so, what do you think of this acquisition?