Yahoo is reportedly in advanced discussions to buy enterprise app studio Tomfoolery. According to a source familiar with the situation, the deal could be completed this week. The Wall Street Journal also reported the acquisition price to be at $16 million, wrote TechCrunch.
Tomfoolery was co-founded by former employees of Yahoo and AOL. The startup opened last year using a $1.7 million seed funding. The firm develops apps for enterprise clients based on consumer principles. The company adds consumer elements to make the app more interesting and user-friendly, the report detailed.
The San Francisco-based startup's first product is a real-time conversation platform called Anchor. The product allows users to create groups for different conversation threads. It is understood that Tomfoolery was on the process of producing several messaging apps that would work together when the Yahoo deal came along, the report explained.
It is not yet clear what project Yahoo wants Tomfoolery to work on. The exact purpose for this acquisition is also still unconfirmed, TechCrunch reported.
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