Yahoo eyeing Qwiki for estimated $50 million

Internet corporation Yahoo is reportedly eyeing Qwiki, maker of a popular iOS app for an estimated deal worth $50 million.

According to Mashable, Qwiki has developed an iOS app that turns photos, sound and video clips into short movies.

Yahoo's CEO Marissa Mayer is believed to be on an 'acquisition spree' of startups, shutting their respective apps and diverting their engineering resources to Yahoo's expanding portfolio of mobile apps.

The report said that Qwiki's acquisition, which is estimated to be worth $50 million, would be similar to Yahoo's acquisition history of startups below $100 million mark.

Yahoo's recent acquisition of Tumblr has proved to be an exception priced at $1 billion and a promise of running them as separate businesses, the report added.