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US-based social media company Facebook has acquired Thefind.com, a personalized shopping engine for customers to search for products on sale for an undisclosed sum.
Thefind.com, founded in 2006 as Flatlens Inc, initially offered only ticket discovery service to its visitors. It was launched with its new name and including more product categories. It also helps in giving customized recommendations for products based on a user’s previous buys and surfing history. It aggregated online retailers on its interface for allowing its visitors to compare price and also helped in filtering out the exact store locations if such a product was available in the same area as the visitor’s. The company announced that its shopping index contains more than 500 million products from 500,000 stores.
The acquisition will be completed by the end of the next week and the website of Thefind.com would be closed down. The acquisition will also lead to a shift of a substantive number of employees to be imbibed into Facebook. “Key members of our team are joining the company and will be working hard to integrate our technology to make the ads you see on Facebook every day better and more relevant to you,” the Company said.
Facebook finds the acquisition a way to improve relevance and targeting of advertisements in its site. It also shows that the company is looking to enter into e-commerce and not limit itself to being a social media site. The company is trying to make its social media site a place to discover products and not just act as a connector between brands and their target audience. Facebook also recently enabled business pages to add product buttons on their pages to create products for sale.
Thefind.com, founded in 2006 as Flatlens Inc, initially offered only ticket discovery service to its visitors. It was launched with its new name and including more product categories. It also helps in giving customized recommendations for products based on a user’s previous buys and surfing history. It aggregated online retailers on its interface for allowing its visitors to compare price and also helped in filtering out the exact store locations if such a product was available in the same area as the visitor’s. The company announced that its shopping index contains more than 500 million products from 500,000 stores.
The acquisition will be completed by the end of the next week and the website of Thefind.com would be closed down. The acquisition will also lead to a shift of a substantive number of employees to be imbibed into Facebook. “Key members of our team are joining the company and will be working hard to integrate our technology to make the ads you see on Facebook every day better and more relevant to you,” the Company said.
Facebook finds the acquisition a way to improve relevance and targeting of advertisements in its site. It also shows that the company is looking to enter into e-commerce and not limit itself to being a social media site. The company is trying to make its social media site a place to discover products and not just act as a connector between brands and their target audience. Facebook also recently enabled business pages to add product buttons on their pages to create products for sale.
