"So excited to share news that @Qwiki will be part of the @Yahoo renaissance - a happy ending and new beginning..." Doug Imbruce, 32, said via Twitter @dougimbruce. He is CEO and co-founder of Qwiki.
Yahoo announced Tuesday it had bought Qwiki, a smartphone applications that converts video and pictures into movie clips with music soundtracks that can be shared. It did not disclose a price, but the website The Age said the price was $50 million.
"On a journey that took us from NYC to San Francisco and back again, the Qwiki team has spent the past few years creating products and technology that make it easy to share and discover stories," Imbruce wrote on Qwiki's blog.
"It has been extremely rewarding having our products downloaded by millions, and watching the Qwiki community evolve and grow - especially via our most recent launch, Qwiki for iPhone. Seeing the stories that you share through the app inspires us every day.
"Thank you for being a part of our story - one which is far from over. The Qwiki app will live on as a standalone entity inside Yahoo!, where we will grow our thriving community and where our team will continue to work to help you share life’s best experiences."
Imbruce also thanked his investors, advisers, believers and users in the statement.
"Have you ever listened to an old song and all of a sudden a favorite vacation, concert, or summer memory pops into your mind?" Yahoo said in a blog post, saying it will continue to support the App. "The Qwiki app automatically turns pictures and videos that you already have on your iPhone into quick, beautiful movies to share, including transitions and a soundtrack."