The app, which allows Apple iPhone users to turn photos, music and videos into slideshow videos, is the latest in a series of purchases for Yahoo.
Yahoo did not reveal how much they paid for Qwiki, but sources cited by technology blog AllThingsD said the...
app cost between $40m and $50m (£26m and £33m).
Yahoo has focused on expanding its mobile software since Marissa Mayer was hired as CEO a year ago. In total, Yahoo has acquired 15 companies since Mayer was hired, including three since May, when it bought blogging service Tumblr for $1.1billion (£730m).
Earlier this week, Yahoo acquired Bignoggins Productions, a mobile app for managing fantasy sports teams on iPhones.
Other purchases include social recommendation start up Jybe and news summary app Summly, which was built by a UK teenager. Yahoo also redesigned its photo sharing app, Flikr, in May to offer users more storage for free.
Yahoo was one of the first internet giants but the company's revenue has decreased in face of strong competition from Google and Facebook. Mayer has focused on building up acquisitions to try and change Yahoo's outlook and the company's revenue has increased 62 per cent to $28.2bn (£18.6bn) since she became chief executive.
The company said Qwiki's brand will continue to exist separately, unlike most of its smaller start up purchases, but Qwiki's employees will move to Yahoo's offices in New York.
Yahoo said in a blog post: "We’re excited to announce that Yahoo! acquired Qwiki - a company that uses awesome technology to bring together pictures, music and video to capture the art of storytelling.
"Sharing a Qwiki is easy, whether you want to share your favorite moments from Coachella with your Facebook friends or celebrate the best moments from your sister’s wedding.
"We will continue to support the Qwiki app, and the team will join Yahoo! in our New York city office to reimagine Yahoo!’s storytelling experience."
Qwiki, a New York start up, released a video about joining Yahoo and said: "The Qwiki app will live on as a standalone entity inside Yahoo!, where we will grow our thriving community and where our team will continue to work to help you share life’s best experiences."
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