In her first big move since becoming the CEO of Yahoo over the summer, Marissa Mayer purchased Stamped, a mobile app startup. The iPhone (News - Alert) app allows users to share their recommendations for movies, books, music and restaurants, among other things, giving it a stamp of approval.
Stamped garnered celebrity attention, with backers that included Justin Bieber, Ellen DeGeneres and Ryan Seacrest. Although the details of the purchase have not been made public, The Wall Street Journal noted that it is rumored that the purchase price of Stamped is somewhere around the $10 million mark.
According to Wired.com, the Stamped app, which allowed for “stamps of approval,” will be shutting down, but the team will remain intact and grow as they take on a new project.
The Stamped team expressed their enthusiasm on their blog: “The Stamped team will be creating a brand new product and engineering office for Yahoo in NYC’s Bryant Park. After everything we learned building Stamped, we’re excited to start work again on something big, mobile, and new – but we can’t discuss the details just yet.”
Image via Shutterstock
They went on to mention that their team of nine would be growing and that they are eager to accept new applicants. “We’re really stoked to be able to hire lots of talented engineers and designers for this new project. If you’re interested in joining us, send us an e-mail.”
It seems like the new CEO may be moving Yahoo in the right direction and may have the ideas needed to save the company. Earlier this week, Yahoo announced positive earnings, which has been more than a little difficult for them since Google (News - Alert) has dominated the search market and Bing has eliminated what little room there was left for a competitor.
With Mayer’s background as a former Google executive, Yahoo may become a contender once again.
Edited by Braden Becker