Wal-Mart Acquires Kosmix For Over $300 Million
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Wal-Mart Stores, Inc. (NYSE:WMT) has acquired Kosmix for over $300 million according to a source with AllThingsD. Kosmix is a social media platform company that has raised $55 million in funding from Time Warner Investments, Accel Partners, Lightspeed Venture Partners, DAG Ventures, Bezos Expeditions, Jonathan Miller, and Ed Zander.
Kosmix is best known for developing TweetBeat, a website that monitors live events being talked about the most on Twitter. Kosmix will be rolled into a division called @WalmartLabs. Kosmix was founded by Venky Harinarayan and Anand Rajaraman. These two built and sold an e-commerce company called Junglee to Amazon.com in 1998.