Social Shopping App TheFind Acquired by Facebook
Facebook on Friday said it acquired TheFind, an app that crawls the Internet to offer consumers a personalized shopping experience based on their social profile and the way they shop.
The acquisition comes as Facebook has begun testing “buy” buttons that lets advertisers sell products through advertisements on the social network.
“TheFind’s talented team has built a successful search engine that connects people to products. Together, we believe we can make the Facebook ads experience even more relevant and better for consumers,” a Facebook spokeswoman said.
TheFind’s CEO Siva Kumar declined to comment on the deal.
Terms of the deal weren’t disclosed.
The nine-year-old company gained popularity as a price comparison site, emerging among a crop of mobile shopping apps that threatened to upend the big-box retail store business model by making it easy for consumers to search for the cheapest offers online. TheFind has built an index that contains over a half-billion products across a half-million stores that helps consumers find deal and compare prices. More recently, TheFind has sought to further personalize the shopping experience by gleaning the consumer’s buying behavior and preferences exhibited on Facebook through “likes” and demographic information on their profile.
Social sites are increasingly looking for ways to make commerce available on their service in an attempt to keep users interested and to dissuade them from leaving the site. Twitter has also in recent months said it is testing a “buy” and visual bookmarking site Pinterest has been rumored to be looking to do the same.
TheFind said it will shut down its service, and some members of its team will be joining Facebook where they will integrate the technology into the social network’s advertising platform, according to a company blog post published Friday