Social networking giant Facebook is all set to venture into the burgeoning e-commerce sector after acquiring shopping search engine TheFind, in bid to integrate the two big money makers in the online industry:search and e-commerce, says a report in PTI.
This acquisition will add on to the digital advertising business of Facebook, which with $12.6 billion in annual ad sales last year, is unquestionably a dominant player in the industry.
As per the statement by Facebook as reported by PTI:"Together, we believe we can make the Facebook ads experience even more relevant and better for consumers," Facebook said in a statement about the deal. TheFind echoed those comments, saying its technology would be integrated into Facebook "to make the ads you see on Facebook every day better and more relevant to you."
Furthermore, in a webpost, TheFind said many of its employees would be joining Facebook and work on improving the relevance of the social network's advertising. TheFind added that its search engine will go offline "in the next few weeks."
Facebook has been testing a "buy" button since July 2014 that lets users purchase goods directly. Now, with TheFind, it would be able to add additional shopping tools to its service.
Besides, Facebook did not reveal details of the acquisition, including how much it paid for the company. TheFind was co-founded in 2006 by CEO Siva Kumar and CTO Shashikant Khandelwal, both native Indians.
TheFind previously raised $26 million in three investment rounds, but had not received an influx of cash since 2007.