Internet giant continues its buying binge. The latest asset is the social shopping website Polyvore.
Yahoo has acquired Polyvore, a community-driven ecommerce website. The financial details of the deal was not revealed. Polyvore’s team will be moving to the company’s offices in San Francisco and New York. The shopping website will continue to operate, Yahoo said.
Polyvore was founded in 2007. The company is the brainchild of Jianing Hu, Guangwei Yuan, and Pasha Sadri. They are former engineers at Yahoo. In 2012, ex-Googler Jess Lee became the CEO of the company. Polyvore raised $22.1 million in funding from investors, including DAG Ventures and Matrix Partners.
Polyvore claims that it is the web's largest community of tastemakers, "trendseekers," and shoppers. The company allows fashion-hungry consumers to discover and shop the latest products from retailers. But its strength is its community. Users post collaged images of trendy clothes and accessories. They can also share tips on how to mix and match.
The deal is beneficial to Yahoo and Polyvore. For Yahoo, its plethora of services can harness Polyvore's community and advertising technologies. We're talking about native ads, new ad formats, and steady partnerships with retailers. On the other hand, Polyvore will use Yahoo's vast resources to grow and get better.
"The combination of Yahoo’s industry-leading digital content with Polyvore’s expertise in community and commerce has outstanding potential. We are thrilled to have the Polyvore team join us," says Simon Khalaf, Yahoo’s SVP of Publisher Products.
Meanwhile, Polyvore CEO Jess Lee said, "I’m delighted to join Yahoo. Our core mission of empowering people to feel good about their style will remain the same, but with Yahoo’s help we’ll be able to make Polyvore even bigger and better for our user community."
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