Biz Break: Facebook acquires TheFind, a Mountain View shopping search site

14 Mar 2015 | Author: | No comments yet »

Facebook Acquires TheFind, Said to Ramp Up Product Advertising.

“Key members of our team are joining the company and will be working hard to integrate our technology to make the ads you see on Facebook every day better and more relevant to you,” the company said.(Bloomberg) — Facebook Inc. is buying TheFind Inc., a search engine for Web shopping, as the world’s largest social network seeks to make more money from people shopping online.

Facebook FB -1.11% has acquired shopping search engine, signaling the social networking giant’s continued aspirations in two of the Internet’s biggest money-makers: search and e-commerce .“For the last nine years, we’ve worked hard to bring you a shopping experience that’s easy, efficient and fun – searching all the stores on the web to find just the right products you’re looking to buy,” TheFind’s team wrote in a statement visible today on its homepage. “We are now starting our next chapter by combining forces with Facebook to do even more for consumers.Facebook is buying a company that could help it solve an age-old online advertising problem—the one that keeps showing people the same ad even after they bought the product. The deal, announced Friday for an undisclosed amount, follows a series of initiatives by Facebook to get its users to search and shop through its service. Facebook’s resources and platform give us the opportunity to scale our expertise in product sourcing to the over 1 billion people that use the platform.”

TheFind’s technology will help make Facebook’s ads more oriented around products, said the person, who asked not to be identified because the information isn’t public. But so far, the company has failed to gain the traction it has in connecting friends and family by letting them share posts about everyday life and photos.

TheFind’s product allowed people to get customized recommendations for products while searching through its massive database of products. “We’re excited to welcome TheFind to Facebook. Well, Facebook just bought The Find, an e-commerce search engine with technology that is meant to help make the social network’s ads more relevant. “TheFind’s talented team has built a successful search engine that connects people to products,” Facebook said in its announcement today. “Together, we believe we can make the Facebook ads experience even more relevant and better for consumers.” The Find was an early entrant into e-commerce, founded in 2005.

While Facebook has sought to find ways to profit from people finding things to buy as they browse their social networks, it hasn’t always succeeded. Our business is about connecting people with the topics, companies, brands and, increasingly, products they care about, and we look forward to doing that with TheFind on board. Unfortunately, this means we will be taking our search engine offline.” A source with knowledge of the deal said that Facebook would embed TheFind into its advertising to help retarget retail ads with more relevance. “This will help eliminate redundant ads,” said the source. “Say you’re looking at a pair of jeans on the Gap’s website. You won’t see those ads after you buy them.” TheFind will help Facebook serve ads to people that had been browsing for products online and show them relevant messages when they are back on the social network, the source said.

The company’s initial plan to get retailers to sell goods on their Facebook pages fell apart, with several major retailers pulling their stores in 2012. TheFind, founded in 2006, had previously raised $26 million in venture capital from Bain Capital Ventures, Lightspeed Ventures, Redpoint Ventures, and Cambrian Ventures.

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