Mergers and Acquistions News
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April 20th 2011, 13:03PM
Walmart has made a move into the world of social media with the acquisition of US-based e-commerce company Kosmix.
The retail chain, which owns UK supermarket giant ASDA, plans to expand its social commerce offerings through the deal, which has been completed for an undisclosed sum.
It will implement systems used by Kosmix to help filter and organise content in social networks.
Eduardo Castro-Wright, vice-chairman of Walmart, said: "Social networking and mobile applications are increasingly becoming part of our customers’ day-to-day lives globally, influencing how they think about shopping, both online and in retail stores."
Following the acquisition, Kosmix will become part of the new @Walmart Labs team, which will develop new technologies around social and mobile commerce to support the company's global strategy.
Kosmix, which was one of the early pioneers in online shopping, was founded in 1998.
Walmart operates in 15 different companies worldwide, under various names. It is the world's largest employer.
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