Yahoo Acquires Sparq To Deepen Its Reach In The Mobile Market
Jan 22, 2014 04:05 AM EST
Yahoo has taken over a Seattle-based tech startup, Sparq, to intensify its connection with users in the mobile segment.
Yahoo, one of the leading internet companies, is once again on a shopping spree, but this time the company acquired and then shut down the Seattle-based startup Sparq. The Sunnyvale-based web company plans to use the startup's technology exclusively to strengthen its reach with consumers through mobile apps. The financial details of the deal remain undisclosed.
Sparq, was founded in 2010 and raised $1.7 million from several small fundings and the most recent financing round last year raised over $650,000, TechCrunch reports. The company helped users switch between apps on their smartphones "to discover, consume and engage with content," a Yahoo spokesperson said in a statement.
"We are uber passionate about mobile - we've been striving to build the best mobile platform possible, and are excited to continue upon that goal with Yahoo," Sparq founder and CEO Jesse Chor wrote on the company's website. "Words cannot describe how ecstatic we are to be joining such an amazing team with such an inspiring mission. We see endless opportunity ahead."
In addition to the traditional gratitude to the investors and the customers, Chor also noted that Sparq will be terminating its current service and contact existing customers with support details.
The Sparq team will move into Yahoo's Sunnyvale headquarters office.
Yahoo did not reveal how it is planning on integrating the Sparq technology, but the internet giant needs to monetize its mobile client base to generate more revenue and Sparq's expertise in the area will come in handy. Yahoo reported that its previous quarter earnings were down 91 percent from a year ago, mainly because Yahoo has spent a lot on buying other companies, the costs add up to $163 million.
Last month, Yahoo acquired content-speeding startup PeerCDN, "virtual venue" startup Evntlive and voice assistant software startup SkyPhrase.