Yahoo buys Snip.it, a San Francisco-based startup that created web apps for clipping news articles and arrange them in a visually appealing manner, much like Pinterest.
The deal was apparently in the works for weeks and was first reported by AllThingsD to be later confirmed by Yahoo and Snip.It. The company was bought for $10 million in addition to money spent on earn-outs tied to team retention. Nine out of the 10 full time staff in Snip.It will join Yahoo.
The Snip.It app has been shut down and users will be able to download their data for a month from now. Till February 21st. The former Snip.It team will primarily focus on social news space in Yahoo as per a blog by the company.