by Nate Wooley | April 24, 2013 11:54 am
Search giant Google (NASDAQ:GOOG) is rumored to be spending $30 million to acquire news summary service Wavii.
The move — which mirrors rival Yahoo’s (NASDAQ:YHOO) earlier purchase of Summly — gives Google a new way to compete in the growing news summary industry, Reuters reports.
There had long been a competitive spirit between the two smaller firms. In separate interviews last year the two were both at pains to point out their differences. According to executives at the time, Summly had a better user interface while Wavii offered a more flexible set of software to reduce news stories to short sentences.
Neither Wavii nor Google had any comment on the pending deal. However, a source said that most of Wavii’s employees will be relocating to Google’s Mountain View campus.
Source URL: http://investorplace.com/2013/04/google-snaps-up-wavii/
Short URL: http://invstplc.com/1foPQAf
Copyright ©2014 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.