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.
“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.”
This isn’t the first sale by Kosmix’s founders. It sold its first company, Junglee, to Amazon.com in 1998. Kosmix will continue to be based in California’s Silicon Valley.
Update: According to All Things Digital, sources close to the situation are saying that Walmart paid just over $300 million for Kosmix.