Recent reports suggest that Yahoo’s acquisition of Tomfoolery is already closed and that the company will close down Anchor once the acquisition is complete.
Sources close to the deal have reported that Yahoo has closed the deal and will be officially announcing about it as early as this evening or tomorrow morning reports TechCrunch.
As a result of the acquisition, Tomfoolery will be shutting down its existing business including its social networking app Anchor. It’S still unclear whether Tomfoolery’s core concepts will be reborn as consumer products or will be integrated by Yahoo into its own products just like the internet giant did with Summly, KitCam, and other app acquisitions.
All the four co-founders of Tomfoolery including Kakul Srivastava, CEO, Sol Lipman, chief product officer, Simon Batistoni, VP of platform, and Ethan Nagel, VP of mobile will join Yahoo and work with Jeff Bonforte, the head of Yahoo’s communication products division. Yahoo Mail, Messenger, Groups, Contacts, Calendar, both mobile and desktop versions are some of the current products in the division.
There is still suspense whether other Tomfoolery employees will also be joining Yahoo or not.
The financial aspects of the deal are not yet known, but a Wall Street Journal report pegs the deal at $16 million.
