Yahoo acquired scrapbook website Snip.it - a startup like Pinterest

Yahoo! confirmed that it bought Snip.it, a young San Francisco start-up that lets people create scrapbooks with pictures, articles, videos and other content found online. "The Snip.it team created an innovative technology that lets people share content in a social and fun way".

Yahoo!

Snip.it is a scrapbooking and aggregation site, similar to Pinterest. Yahoo has cut Snip.it's existing customers off. Yahoo! vice president of product Mike Kerns said in a statement emailed to AFP. "Reading and sharing content is a core daily habit for most of the world, and we can't wait to work with the Snip.it team to make that experience even more entertaining for our users." A message posted at Snip.it told users it was "joining forces" with Yahoo! and that the service was no longer available. A link was provided to a hall of fame honoring top Snip.it contributors. "For the past year and a half, we've worked tirelessly as a team to build the best social news platform on the Web," Snip.it said in the message. "We are thrilled at the opportunity to bring Snip.it's vision to a larger scale at Yahoo!" In a statement on Snip.it's website, the organisation said that it would "no longer support snipping," and that its current user base would have until February 21 to download and export the "snips" they had created using its service. Last year, it had 7,000 users. An unnamed source told All Things D that Yahoo is paying in the "mid teens" of millions of dollars to purchase Snip.it. Snip.it thanked its user base for its support, honouring its top members in a hall of fame, but it was unable to share what it would be working on at Yahoo, aside from it being related to social news. Rival site Clipix is already capitalising on the close of Snip.it and encouraging users to import their "snips" into "clips".

Snip.it

Snip.it launched in late 2011 as a place where people could share digital "scrapbooks" based on topics or themes of their choosing. Financial terms of the acquisition were not disclosed but unconfirmed online reports estimated the figure to be in the vicinity of $15 million.
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