Yahoo (NASDAQ:YHOO) has purchased Stamped, a social media start-up that attracted support from pop singer Justin Bieber among other media personalities. The price wasn’t disclosed, but Yahoo won’t be keeping Stamped, just the talent behind it, CNN Money noted.
In fact, Stamped will cease to exist once the purchase is finalized. The development team that created the start-up will become part of Yahoo’s New York City-based product staff.
The deal marks Yahoo’s first acquisition under new CEO Marissa Mayer and is part of her effort to increase the struggling Internet pioneer’s presence in mobile products.
Sources indicated that Yahoo wasn’t the only bidder for Stamped. However, with many of the start-up’s staff having formerly worked at Google (NASDAQ:GOOG), where Mayer was an executive, their prior relationship with the Yahoo CEO tipped negotiations in the Web portal’s favor.
Shares of Yahoo rose fractionally in Friday morning trading.