Yahoo buys Snip.it, cuts off its existing customers

Yahoo has bought up fledgling startup Snip.it to work on its "social news" projects, but at the same time, has shut down the original product the startup was offering.

Yahoo has purchased scrapbooking and aggregation site Snip.it, similar to Pinterest, and in the process, has cut Snip.it's existing customers off.

In a statement on Snip.it's website, the organisation said that it would "no longer support snipping," and that its current user base would have until February 21 to download and export the "snips" they had created using its service. Last year, it had 7,000 users.

An unnamed source told All Things D that Yahoo is paying in the "mid teens" of millions of dollars to purchase Snip.it.

Snip.it thanked its user base for its support, honouring its top members in a hall of fame, but it was unable to share what it would be working on at Yahoo, aside from it being related to social news.

Rival site Clipix is already capitalising on the close of Snip.it and encouraging users to import their "snips" into "clips".

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