Yahoo! Inc. continues its spending spree as recently purchased Xobni Corp. a company which develops contact-management software. The purchase is said to be worth $70 million by people with knowledge on the mater as the internet giant is relying on acquisitions to spur growth.
Xobni’s software for finding and storing phone numbers and addresses will be included in Yahoo’s mail and messaging products according to the acquisitor. . The price includes compensation for Xobni shareholders, said people for Bloomberg, who asked not to be identified because the information isnt public. Yahoo noted that 31 Xobni employees will be joining them, including Chief Executive Officer Jeff Bonforte, who used to be an Yahoo employee.
Yahoo having roughly 11000 employees, has acquired more than a dozen small, Web start ups during the past year, focusing on adding mobile technology and services designed for smartphones and tablets.
This week Yahoo acquired Qwiki, a mobile app that creates mini-movies using a consumers collection of photos and videos. Day before, Yahoo acquired Bignoggins Productions, a fantasy sports mobile app.
Yahoos CEO, has been working to provide the company with the latest mobile software gadgets and is pushing Yahoo to be at the forefront of sleek new apps and services. Yahoo’s shares rose 2.4% to $25.59 at the close in New York. The stock has advanced 29% this year, compared with a 13% gain for the Standard & Poor’s 500 Index.
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