Yahoo has acquired social platform Snip.it, the Internet giant made the official announcement on Tuesday. In case you didn’t know, Snip.it is a social tool that lets users collect images, videos, and articles on the web. If that sounds familiar to you, think of Pinterest on steroids. Yahoo reportedly acquired Snip.it at an estimated amount of $10 million in total.
Mike Kerns, the Vice President of Product at Yahoo, said in a statement, “The Snip.it team created an innovative technology that lets people share content in a social and fun way. We’re excited to welcome them to Yahoo!, where they will help us build experiences that bring people with shared interests together.”
The folks behind the social tool will be moving to Yahoo’s media group. Snip.it also confirmed the acquisition on its blog. “We are excited to share some big news: Snip.it has been acquired by Yahoo!. For the past year and a half, we’ve worked tirelessly as a team to build the best social news platform on the web,” the Snip.it team said.