Facebook had been in-talks with ‘The Find’ for the past few weeks and the deal was finally done this week for an undisclosed amount.
e-commerce firm “TheFind” was co-founded in 2006 by Indian American CEO Siva Kumar and CTO Shashikant Khandelwal, both with Indian Origin.
In its 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.
Facebook and TheFind cast the acquisition as a way to lift 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. “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.
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