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Google Acquires Video Editing Service For YouTube

In a rare acquisition, Google's YouTube acquired startup Omnisio, a service that lets users edit videos.

Omnisio lets users extract sections of video clips found on YouTube, Google Video or Blip.tv and then mash them up to form their own embeddable video clips. According to TechCrunch, the all-cash deal is worth $15 million.

Omnisio, which was founded by Australian trio Ryan Junee, Julian Frumar and Simon Ratner, has only been around since March 2008; TechCrunch points out that the sale is another win for owner Y Combinator, which invests small amounts of capital in companies at the idea stage. Reddit, acquired in 2006, TextPayMe, bought by Amazon in 2007, and Auctomatic and Anywhere.FM, acquired earlier this year, are other former Y Combinator companies.

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