Retail Chain Sears Acquires Delver
Delver is a “social search” engine company that was getting close to shutting down after raising $6 million in venture capital. But out of nowhere retail chain Sears Holdings Corporation (NASDAQ:SHLD) deviced to acquire Delver. The acquisition amount was undisclosed, but it is safe to assume that the VCs probably did not get a lot of their money back.
As part of the acquisition agreement, Delver co-founder and CEO Liad Agmon will move to the U.S. and become a VP at Sears. Other Delver employees will remain at the offices in Israel and continue to work from there. Delver’s Israel office will become a Sears development center. Delver will continue to develop their social search engine.
What Sears actually will do with a social search engine, I can’t even imagine.
[via Globes Online]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry