The technology and team behind mileage tracker Milewise will now be a part of the New York-based mobile team of Yahoo.
The 5-person MileWise team (TLabs here) posted the following on site, which announces the shuttering of the service:
MileWise began almost four years ago with the goal of creating a simple, powerful product to help people and providers get the most value out of their rewards.
Along the way, we've been lucky to connect with an incredible community of fellow travelers, without whom we wouldn't have made it this far. To everyone who took MileWise for a spin: THANK YOU! You shared our vision of what MileWise could become, and generously donated your time and passion towards making it a reality.
As part of the transition, the MileWise service will be shutting down. It's tough to say goodbye to something we've dedicated so much to. But, we've tried to make it easy to take your data with you. We'll be sending everyone an email with instructions on exporting your data, and if you have any questions don't hesitate to email us.
The MileWise team will be joining Yahoo! in NYC's Bryant Park office. We're thrilled to be joining such a talented group of inventors, and can't wait to get working on the next big thing coming out of Yahoo.
Again, we'd like to thank everyone who supported us along the way: our investors, our employees, our partners, and most importantly, our fellow travelers.
The acquisition comes on the heels of Yahoo's recent high-profile purchases of companies like Summly, and announced alongside the addition of polling app GoPollGo.
Investors in Milewise put up $1.5 million in capital, and include Atlas Venture, Founder Collective, High Line Venture Partners, General Catalyst, and other angels.
Tips came rolling in early last week about talks between Yahoo and Milewise, but without any direct corroboration of the impending purchase.