Following rumors earlier this week, natural language news summary app Wavii confirmed on Friday that it has been acquired by Google.
"We're excited to announce that Wavii has teamed up with Google!" according to a message on the company's website. Wavii's previously blue-gray logo now appears in the multi-colored hues of Google's own logo.
In its announcement, Wavii said it will be shutting down its service immediately.
"You probably know us best for our app that takes the deluge of information streaming across the web and condenses it into fast, fun updates," Wavii CEO Adrian Aoun wrote. "While we won't continue to offer this particular service, we'll be using our natural language research at Google in ways that may be useful to millions of people around the world."
"We look forward to taking our technology to the next level and delighting you with what we come up with next!" he added.
Financial terms of the deal were not disclosed, though TechCrunch on Tuesday put the value at more than $30 million.
"We're impressed by the Wavii team's progress in understanding natural language and we look forward to working with them at Google," the Web giant said in a statement to PCMag.
The purchase comes after Yahoo late last month announced plans to purchase Summly, a mobile app that summarizes news stories and sews them into a fast, easy-to-browse window. The Summly app was also pulled from the App Store, but Yahoo recently released a new iOS app that incorporated the Summly technology.
The purchase also comes as Google prepares to shut down its Reader service on July 1, a move that has the Internet up in arms.
Editor's Note: This story was updated at 1:30 p.m. Eastern with comment from Google.
