SUNNYVALE, Calif. — Yahoo Inc. has bought the maker of mobile software that makes it easier for people to let their friends know what TV shows they’re watching.
The deal to buy IntoNow, announced Monday, is part of Yahoo’s effort to provide more information-sharing services. The company, which is based in Sunnyvale, Calif., is trying to give people more reasons to stay on its website and services instead of increasingly popular online hangouts such as Facebook and Twitter.
Financial terms weren’t disclosed.
IntoNow also lets viewers identify their favourite TV commercials, a feature that might open up ways for Yahoo to sell more ads in its online videos.
Although its website still ranks among the Internet’s top destinations, Yahoo’s growth in ad revenue hasn’t kept pace with the rest of the Web.
The shortfall has hurt Yahoo’s stock price, which has been in the doldrums since the company balked at a chance to sell itself to Microsoft Corp. for $33 per share nearly three years ago. Yahoo shares gained 41 cents, or 2.4 per cent, to $17.26 in early afternoon Monday as investors reacted to the latest speculation that the company’s struggles might trigger another takeover attempt.
IntoNow, which is based in Palo Alto, Calif., has seven employees. The 3-month-old startup is run by Adam Cahan, who formerly worked at Google Inc. and Viacom Inc.’s MTV.