Walmart Acquires Social Media Company Kosmix

Walmart Stores Inc. (Bentonville, Ark.) has signed a definitive agreement to acquire Kosmix (Mountain View, Calif.), a social media technology company.

Kosmix’s platform filters and organizes content in social networks to connect people with real-time information. It was founded by Venky Harinarayan and Anand Rajaraman, early pioneers of online shopping. The founders and the Kosmix team will operate as part of the newly formed @WalmartLabs, based in Silicon Valley.

The new group will focus on creating technologies and businesses around social and mobile commerce that will support Walmart's global multi-channel strategy.

“We are expanding our capabilities in today's rapidly growing social commerce environment,” says 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, both online and in retail stores. We are excited to have the Kosmix team join us to accelerate the development of our social and mobile commerce offerings.”