Facebook says it bought shopping search engine TheFind to help boost its advertising business. Terms of the deal were not disclosed. The acquisition is expected to close in the next few weeks.
TheFind, which was founded in 2006, will shut down and some of its key employees will work at the social media company. TheFind lets users search for items to buy from websites or in local stores. It is based in Mountain View, California.
In a statement Friday, Facebook said that TheFind will help make its ads more relevant and better for its users.
Shares of Facebook Inc., based in Menlo Park, California, slipped 5 cents to $78 after the stock market closed.
Earlier this year, Facebook bought video startup QuickFire that helps view high-quality video with low bandwidth. Facebook’s acquisition of the video technology company came a day after it said in a blog it averaged more than 1 billion video views every day since June 2014. The social network revealed that video posts per user are up by 75 percent around the world, and 94 percent in the US.
With inputs from Associated Press