Update, 3:20 p.m. PT: Snip.it confirmed that it was acquired by Yahoo. Terms of the deal were not disclosed.Yahoo has acquired Snip.it, a Pinterest-like service for saving articles to collections and sharing them with groups.
Yahoo is paying "mid teens" of millions of dollars for the content discovery site and will announce the deal this week, according to AllThingsD, which cited sources familiar with the deal.
Snip.it was founded by Ramy Adeeb, a former principal at Khosla Ventures, to help people better collect and share content -- articles, images, and videos -- around their interests in a structured fashion. The digital scrapbooking site caters to subject-matter experts who want to add their own commentary to content "snips" and establish themselves as curators in areas such as tech, philosophy, and mobile.
The startup, which first launched to the public in November 2011, refreshed its Web site with an emphasis on discovery in June of 2012. The overall experience is attractive, but the site's traction is likely pretty minimal. One year ago, Snip.it had 7,000 users, 40 percent of whom were active, Adeeb said at the time.
Snip.it raised an undisclosed sum in funding from Khosla Ventures, True Ventures, Charles River Ventures, and SV Angel. A $15 million exit would likely be a small but favorable outcome for the young company.
The acquisition is Yahoo's third M&A deal under CEO Marissa Mayer's leadership, and the first in her tenure not centered on mobile. With Mayer at the helm, Yahoo previously picked up recommendations app Stamped in October and video-chat startup OnTheAir in December.
Update, 3:20 p.m. PT: This story was updated after Yahoo and Snip.it confirmed the deal. In a statement posted to its website, Snip.it said it was shuttering its service, effective immediately.