Wal-Mart acquires social media provider Kosmix

Wal-Mart acquires social media provider Kosmix

2011-04-19 07:16:43 GMT+7 (ICT)

BRISBANE, CALIFORNIA (BNO NEWS) -- Wal-Mart Stores, Inc. on Monday announced it has signed a definitive agreement to acquire social media tech provider Kosmix, pushing forward with its commitment to social and mobile commerce.

Kosmix, which is based in Mountain View, California, has developed a social media technology platform that filters and organizes content in social networks to connect people with real-time information that matters to them. In addition, it operates TweetBeat, a real-time social media filter for live events that reportedly received more than five million visits last month, as well as RightHealth, a popular health and medical information site.

Founded by Venky Harinarayan and Anand Rajaraman, early pioneers of online shopping, whose first company, Junglee, was acquired by Amazon.com in 1998, Kosmix will operate as part of the newly formed @WalmartLabs and continue to be based in Silicon Valley.

Walmart operates e-commerce businesses in nine countries and expects the new group to create technologies and businesses around social and mobile commerce that will support the retailer's global multi-channel strategy.

Details of the transaction were not disclosed, although it is subject to customary closing conditions and is expected to close during the first half of the year.

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