The acquisition was purely for talent: Stamped’s nine-person team — of which five are ex-Google employees — will be joining a new mobile product team to be established in New York under the leadership of Stamped’s three co-founders, I’m told. Stamped’s iPhone and web app will both be discontinued by the end of the year.
It makes sense that the startup was on Mayer’s radar. Mayer worked closely with Stamped co-founder Robby Stein while the pair were working at Google.
Stamped first launched as an iPhone app in November. The app allows users to keep track of and share the things they like with their friends, such as restaurants, books, films and other apps. Users can also tap into their friends’ recommendations and those of well-known tastemakers, from chef Mario Batali (an advisor to the startup) to Rolling Stones film critic Peter Travers. (For more on how the app works, read our initial review here.)
In July, the startup released a big update to its iOS app and announced a new round of financing from some noteworthy names, including Bain Capital Ventures, Google Ventures, Metamorphic Ventures, singer Justin Bieber, comedian Ellen DeGeneres, American Idol host Ryan Seacrest, The New York Times Company and Columbia Records.
During Yahoo’s third-quarter earnings call on Monday, Mayer said Yahoo did not “have particular acquisitions in mind today” and that any future acquisitions would be “less than $100 million.” While the former has certainly proved untrue, it’s likely Stamped was well within the price range she stated. Mayer also said during the call that Yahoo very much needed more mobile engineers as it transitioned to a “mobile-first” company.
October 2, 2012