Yahoo!, Inc. has announced that they agreed to acquire Polyvore, a leading social shopping site.
Post acquisition, Yahoo will enhance its consumer and advertiser offerings. Yahoo with Polyvore is planning to power native shopping ads that drive traffic and sales to retailers.
Yahoo confirmed that post acquisition, Polyvore products and services will continue to operate and the entire team will join respective Yahoo offices in Sunnyvale, San Francisco and New York.
The co-founder and CEO of Polyvore, Jess Lee, will also join Yahoo organization and report directly to Simon Khalaf following the closing of the transaction.
Polyvore is founded by three former Yahoo engineers, Polyvore in the year 2007. It’s a leading social shopping site that enables its users across the globe to shop their favorite products, discover new inspiration and express their style. Polyvore is venture-backed and has offices in Mountain View, San Francisco and New York.
As per Yahoo, “Polyvore’s technology will bring a proven native ad model, new compelling native ad formats, and strong advertising relationships with more than 350 retailers to Yahoo’s fast-growing native advertising platform, Yahoo Gemini.”
“Polyvore has built an excellent team, a category leading product, and a strong business based on a highly engaged community,” said Simon Khalaf, Yahoo’s SVP of Publisher Products. “The combination of Yahoo’s industry-leading digital content with Polyvore’s expertise in community and commerce has outstanding potential. We are thrilled to have the Polyvore team join us.”
“I’m delighted to join Yahoo. Our core mission of empowering people to feel good about their style will remain the same, but with Yahoo’s help we’ll be able to make Polyvore even bigger and better for our user community,” said Jess Lee, Co-Founder and CEO, Polyvore. “I’m also excited that we’ll be able to deliver more scale to our advertisers by integrating our ad offerings into Yahoo Gemini.”
Update: – On September 02, 2015 Yahoo announced that it has completed its acquisition of Polyvore. Company also confirmed that the Polyvore team will join respective Yahoo offices in Sunnyvale, San Francisco and New York and Polyvore Co-Founder and CEO Jess Lee will report directly to Simon Khalaf, SVP, Product & Engineering, Publisher Products at Yahoo.