Search company Yahoo! acquires social bookmarking service Snip.it

Yahoo

Yahoo! Inc (NASDAQ:YHOO) has acquired domestic social bookmarking service Snip.it, the US search engine provider said.

The terms of the transaction were not revealed.

Technology blog AllThingsD was the first to report the takeover of Snip.it, which was established by former Khosla Ventures investor Ramy Adeeb in 2011. The acquired firm enables users to create and share collections of news articles on the Internet.

Snip.it said in a blog post it was terminating its current service and was in a process to incorporate its capabilities within Yahoo!, without elaborating further.

The move matches Yahoo’s CEO Marissa Mayer’s drive to acquire young firms and attract new talent.

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