Yahoo to shut down newly acquired startup Ptch
Internet search firm Yahoo! has acquired the Dreamworks-backed social-video app called Ptch, which it will shut down early next year.
After news of the acquisition deal broke out, Ptch confirmed that it would be joining Yahoo, and as part of the transition, Ptch would be shut down on 2nd of January next year.
Confirmed the deal, the startup said, "We're excited to announce that Ptch will be joining Yahoo . we'll be able to focus our efforts and leverage our technology to make Yahoo's photo and video platforms the best in the world. As part of this transition, Ptch will shut down on January 2, 2014."
Ptch, which was spun out of Dreamworks Animation, was launched just over a year ago, with a mission to provide users with the best way to create and share beautiful movies developed from the photos and videos on phones.
The app was the brainchild of Dreamworks Chief Technology Officer Ed Leonard, who had left Dreamworks to become the startup's chief executive officer. He used an old storage room on the campus of Dreamworks as his first office.
The startup also announced that Ptch users could download their ptches on ptch. com or save them to their camera roll from the Ptch app on their phone.