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."
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.