Walmart Acquires Social-Media Firm Kosmix
April 19, 2011,
BENTONVILLE, Ark.-Walmart has reached a definitive agreement to purchase Kosmix, a developer of social-media technology--thus signaling its intent to put more resources into its social-networking and mobile-commerce efforts.
Based in Mountain View, Calif., Kosmix is the creator of a platform that searches and analyzes connections in real-time data streams, which delivers highly personalized insights to users, according to a Walmart statement. The company, which will operate in Walmart's newly formed @WalmartLabs unit, will remain in its Silicon Valley locations. Its founders, Venky Harinarayan and Anand Rajaraman, will remain with the firm.
Eduardo Castro-Wright, Walmart's vice chairman, said, "We are expanding our capabilities in today's rapidly growing social-commerce environment. Social networking and mobile applications are increasingly becoming a part of our customers' day-to-day lives globally, influencing how they think about shopping, both online and in retail stores."