Yahoo! Inc. (YHOO - Get Report) purchased another startup after announcing its acquisition of SkyPhrase, a natural language processing technology NLP company yesterday. This time the tech giant acquired Ptch, a mobile video creation app to improve its photo and video platform technology.
Transition will begin on January 2nd
In a blog post, Ptch announced that its team will join Yahoo! Inc. NADAQ:YHOO, and its operations will shut down starting January 2. The startup wrote, "Today, we're excited to announce that Ptch will be joining Yahoo! As part of the Yahoo team, we'll be able to focus our efforts and leverage our technology to make Yahoo's photo and video platforms the best in the world."
Ed Leonard, chief technology officer at DreamWorks, was the brainchild of Ptch. He initially used an old storage room at the DreamWorks campus as his office. Leonard and Hans Ku co-founded Ptch and launched the company over a year ago. Leonard left DreamWorks to serve as CEO of Ptch, but his recent profile on Linkedln Corporation (LNKD - Get Report) indicated that he is currently working as a senior executive at DreamWorks Animation and president at DWA Investments Inc.