Sunnyvale, Calif.—Yahoo Inc. has acquired information and image sharing company Snip.it.
Financial terms of the deal were not disclosed, but ZDNet.com reported the price was in the “mid-teens of millions of dollars.”
Snip.it, founded in San Francisco in 2011, is used for creating collections of articles, videos and images on the Web. It has shut down its website pending a redesign and advised users to download their data by Feb. 21.
Snip.it also offered users topic-focused groups. On its website, it said the acquisition will enable it “to take social news to new, exciting heights at Yahoo.”