It looks like Walmart is trying to win over more tech-savvy shoppers. The company agreed to pick up social media company Kosmix on Monday for an undisclosed sum, according to a report from Reuters.
The world’s largest retailer is bringing in Kosmix’s team to become part of the newly-formed @WalmartLabs, a group that serves to enhance the retail giant’s online shopping experience through the creation of new technologies and businesses.
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“We are expanding our capabilities in today’s rapidly growing social commerce environment,” said Eduardo Castro-Wright, Walmart’s vice chairman. “Social networking and mobile applications are increasingly becoming a part of our customers’ day-to-day lives globally, influencing how they think about shopping.”
Update: According to All Things Digital, sources close to the situation are saying that Walmart paid just over $300 million for Kosmix.