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Yahoo's latest acquistion: sports app developer Hitpost

Hitpost, which ran popular sporting betting app Sports Bet, has shut down operations

Financial trends and news by Steven Loeb
October 2, 2013
Short URL: http://vator.tv/n/3250

Yahoo took a bit of a break from its startup acquisition spree over the last month and a half, but now the company is back at it again.

Its latest find is Hitpost, a developer of iOS and Android  apps aimed at sports fans. The news was broken in a post put up on Hitpost's homepage on Tuesday.

"We are excited to announce that Hitpost is joining Yahoo! To us, Yahoo is a both a legendary tech company and an innovative leader in the sports market," the company wrote.

"Teaming up with Yahoo is an exciting strategic opportunity for Hitpost to deliver our value at a larger scale, and we can’t wait to get started."

The company also revealed that its entire team, which consists of seven people, will be joining Yahoo Sports in Sunnyvale and San Francisco. Hitpost's products have ceased to operate as of Tuesday.

The financial terms of the deal were not disclosed. 

Founded in 2009, the San Francisco-based Hitpost had been running three separate apps. They were:

  • Fantasy Football Polls, which allowed users to collect and share instant fantasy feedback to make better drafts, trades and pick-ups
  • Sports Bet, which allowed users to make sports bets with virtual currency
  • Hitpost.com, a visual fantasy news and polls app, which displayed the latest fantasy updates.

Now Hitpost says that it will be "working to bring Hitpost's technology-powered engagement to Yahoo's global audience."

The company had raised a $2 million seed round from Mike Maples’ Floodgate fund in April of last year. Prior to that it had previously raised $1.1 million from angel investors including Square chief operating officer Keith Rabois, San Francisco 49-ers president and former YouTube and Facebook chief financial officer Gideon Yu, Angellist co-founder Naval Ravikant and Khosla Ventures' Ben Ling

The purchase of Hitpost is Yahoo's second sports related pick up in just the last three months. Back in July, Yahoo bought  fantasy sports app Bignoggins to gives its fantasy sports apps an update.

Bignoggins was a production company that developed two apps: Fantasy Monster and Draft Monster. Fantasy Monster allows users to manage multiple fantasy sports teams from a single app by aggregating all fantasy sports and providers.

Unlike the Hitpost purchase, Yahoo said that it would begin integrating the Bignoggins technology its our Yahoo Fantasy experience over the coming months. 

This is, by my count, Yahoo's 23rd acquisiton this year. Since picking up its 20thcommerce app platform Lexity, in July, Yahoo also bought social media web browser startup Rockmelt and Image recognition service IQ Engines in August.

Yahoo and Hitpost could not be reached for comment. 

(Image source: http://www.hitpost.com)


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