Yahoo buys mobile-app developer Stamped for undisclosed sum; new CEO Mayer's first acquisition

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SAN FRANCISCO - Yahoo Inc. has purchased a mobile app developer, Stamped, the first acquisition under new CEO Marissa Mayer.

Stamped, a year-and-a-half-old startup based in New York, runs a website and mobile app for customers to make online recommendations of their favourite things to read, listen to or eat.

Terms of the purchase were not disclosed in Thursday's announcement.

Yahoo senior vice-president Adam Cahan says the Stamped team will help create a new centre of mobile product development for Yahoo.

Mayer became Yahoo's CEO six weeks ago after 13 years as a key executive at Google Inc.

She indicated when Yahoo reported quarterly earnings this week that acquisitions are a priority and the company is targeting relatively small startups willing to sell for less than $100 million.

Organizations: Yahoo Inc., Google Inc.

Geographic location: SAN FRANCISCO, New York

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