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October 26, 2012

Yahoo acquires New York based mobile start-up firm

Stamped develops mobile recommendations platform that allows consumers share their favourite restaurants and music on their smartphones

By CBR Staff Writer

Yahoo has purchased New York based start-up firm Stamped, marking the new chief executive Marissa Mayer’s first acquisition in a move to refurbish the struggling Web giant.Backed by singer Justin Bieber, the firm develops mobile recommendations platform that allows consumers share their favourite restaurants and music on their smartphones.

Yahoo Emerging Products and Technology senior vice president Adam Cahan in a blog post said mobile is central to everything their firm does, every day, and at Yahoo!, it’s become one of most important priorities.

"We’ve acquired a very talented team based in New York City to help us create a new center of mobile product development for Yahoo," Cahan said.

"They will be a great asset as we expand Yahoo!’s mobile efforts and build a world-class mobile development organization," added Cahan.

The acquisition is expected to be part of firm’s focus on providing content and services to smartphones, tailoring products, tablet computers and other gadgets central to internet generation lifestyles.

Stamped founders said in a statement that they will be discontinuing the Stamped product by the end of 2012.

"We’ve built a tool for exporting your stamps and other data," founders said.

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