According to a post on the company blog, Snip.it has been acquired by Yahoo for what Cnet.com is reporting to be in the “ten’s of millions of dollars”
Here is the company blog post:
“We are thrilled at the opportunity to bring Snip.it’s vision to a larger scale at Yahoo!. While we can’t share the specifics of what we’ll be building, we are excited about the opportunity to take social news to new, exciting heights at Yahoo!. The Yahoo! team is passionate about inspiring and entertaining the world’s daily habits, and certainly sharing news and information is something we all do every day. The vision and energy at the company is contagious, and we’re so excited to be part of all that is to come”.
As of today, we will no longer support snipping.
However, we’ve built a few options for you to download and export all your snips. The download link will be available until February 21, 2013.
Download my data We’ve also created a Snip.it Hall of Fame, where we’re honoring some of the top contributors to the Snip.it community. We’ve included their Twitter handles so you can continue to stay connected and follow their insights.
We are so grateful for all of your support. We’d also like to thank our investors, family and friends. We wouldn’t be anywhere without your guidance.”
Here’s to new adventures in 2013!”
something doesn’t add on:
Update, 3:20 p.m. PT: Snip.it confirmed that it was acquired by Yahoo. Terms of the deal were not disclosed.
Update, 3:20 p.m. PT: This story was updated after Yahoo and Snip.it confirmed the deal. In a statement posted to its website, Snip.it said it was shuttering its service, effective immediately.
Start up running on a domain hack ccTLD domain, with no revenue and a mediocre number of users = golden parachute for the CEO and core team. Those who actively used snip.it : Suckers!
I’m with Acro.
These people just won the lottery. This is how people got rich before the dot.com bust in 2000. Build a company… any company… it doesn’t even have to be profitable!… and sell it to a big guy with more money than sense.
Does anyone even use Yahoo anymore?! If so, why?
To the lucky ones, who sell their companies like this, count your lucky stars and walk away. You just won the lottery. You just beat the house. Move that money offshore and live like kings. It will never happen for you again.
Snip.it?
Can I assume it’s a directory for finding a Moyle?
=)
Let’s see if they do better than they did with myspace!