Yahoo acquires Tomfoolery, a social network for business

Yahoo is acquiring Tomfoolery, a startup that makes software to better connect employees on the desktop and mobile, it was announced Wednesday. “We’ve reached an agreement to join Yahoo to help build the next generation of communications and community products,” Tomfoolery CEO Kakul Srivastava, a Yahoo alum, said on the company’s blog, confirming reports earlier in the week that Yahoo was in talks to buy the firm.

We now have more details about the deal between Yahoo and Tomfoolery, an enterprise app studio co-founded by ex-Yahoo and ex-AOL alums, which we and others have reported is getting acquired by Yahoo. According to a source close to the deal, the acquisition has indeed now closed, and Yahoo will officially announce it as soon as this evening or tomorrow morning. The intention was to put the news out at the end of this week or the beginning of next week, but with the story coming out already, the company has sped up the timing. Tomfoolery’s existing business, including its Anchor app, will be shut down. Whether the concepts behind Anchor and the other things Tomfoolery was planning will be reborn as consumer or enterprise products at Yahoo is not clear.