Boston, MA 02/03/2014 (wallstreetpr) – News in the markets indicate that Yahoo! Inc. (NASDAQ:YHOO) is planning to acquire app developer Tomfoolery for an amount thought to be around $16 million. This is according to reports from the wall street journal citing sources who seem to have inside information. The sources claim the dealings are nearing conclusion and the deal may be announced in the coming days. Part of the deal indicates that Tomfoolery Chief executive Kakul Srivastava will join Yahoo as part of the management team. Kakul Srivastava and Sol Lipmann are the co-founder of Tomfoolery.
Yahoo! Inc. (NASDAQ:YHOO) is keen to develop mobile apps aimed at attracting casual users and business users. Acquisition made by Yahoo since the arrival of Marisa Mayer have been aimed at forging deeper into the mobile app industry. To compete with its peers Yahoo intends to penetrate deeper in the app industry that has become the real deal in the market with the massive development of smartphones.
Yahoo new projects
Yahoo! Inc. (NASDAQ:YHOO) chief executive officer Marissa Mayer has announced the launching of two projects codenamed Fast Break and Curveball. The projects are aimed at accelerating YHOO proprietary search and search ad technology. Marissa Mayer has been quick to voice out her displeasure on the deal with Microsoft Corporation (NASDAQ:MSFT) in which Yahoos results and search ad platform are being powered by Bing and is thought to be considering pulling out of the deal. The deal was set to last till 2020 featuring revenues/ search guarantees. A fully fledged search alternative similar to that of Google Inc (NASDAQ:GOOG) and Bing could result in monetization risks requiring massive R&D investments
Yahoo Q4 earnings preview
Yahoo! Inc. (NASDAQ:YHOO) is expected to discuss its Q4 earnings for the year ending December 31 2013 via a live stream video. Yahoo is currently struggling with news that its user’s passwords were stolen and used to gather personal information about people
Yahoo closed trade on January 31, 2014 at a high of $36.01 an increase of 1.98%
