Yahoo CEO Marissa Mayer is focused on acquiring streamlined startups with talented teams and well-design apps and she’s done it once again with the social network service Snip.it.
Based in San Francisco the startup focused on a web application that clips news articles and arranges them in a format similar to Pinterest posts.
The purchase price for Snip.it is believed to be $10 million and includes access to team retention. According to AllThingsD all but one of Snip.it’s 10 full-time employees have agreed to join the Yahoo family.
The move brought with it the immediate shut down of the Snip-it app, although users have the option to download all of their data for the next month. After February 21 users will lose access to their non-downloaded Snip.it data.
Members of the Snip.it team will move over to focus on Yahoo’s social news efforts.
Snip.it launched in October 2011 and received investments from Khosla Ventures, True Ventures, Charles River Ventures, and SV Angel.
While the Snip.it application was critically lauded it failed to gain mass appeal from users.
To download your data simply visit Snip.it and click on the blue box that reads “Download my data.”
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