Walmart to Acquire Social Media Firm Kosmix

Wal-Mart Stores Inc said on Monday it agreed to buy social media company Kosmix for an undisclosed sum.

Wal-Mart said Kosmix’s founders and team will operate as part of a newly formed group called @WalmartLabs that will create technologies and businesses around shopping online or with smart phones.

"We are expanding our capabilities in today’s rapidly growing social commerce environment," said Eduardo Castro-Wright, Wal-Mart’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."

Kosmix’s founders, who sold their first company Junglee to Amazon.com Inc in 1998, will continue to be based in California’s Silicon Valley.

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