A UK technology fund has become one of the main beneficiaries of Yahoo’s latest acquisition.
TMT Investments, which listed on London’s Alternative Investment Market in early 2011, said yesterday it had cashed out as Yahoo acquired Astrid, an organisation app for smartphones.
The deal is the latest mobile acquisition for Yahoo following its $30m (£19m) purchase of Summly, the news aggregation app founded by British teenager Nick D’Aloisio.
TMT Investments, which invested $400,000 in Astrid a year ago, said the exit represented a return on its original outlay. The funding had been in the form of a promissory note but was converted into equity shortly before the deal.
The total value of Yahoo’s purchase was undisclosed, but Astrid is unlikely to have come cheaply, since it was one of the most popular apps of its kind.
Yahoo’s chief Marissa Mayer, who joined from Google last year, has been on an acquisition spree as she attempts to boost the web company’s mobile offerings.