Yahoo! Acquires E-Commerce Company Lexity [Updated]
Yahoo! has acquired the e-commerce app platform company Lexity. Lexity said that the service will continue to run under Yahoo! branding. Lexity chief executive officer and founder Amit Kumar used to work at Yahoo! He worked on search and semantic advertising at Yahoo!
Kumar quit Yahoo! to join an ad company called Dapper, which was acquired by Yahoo! Kumar ended up leaving Yahoo! again in 2009 to start Lexity (former known as Vurve), according to AllThingsD.
Lexity builds apps that helps merchants with customer acquisition, monetization, and retention. One of Lexity’s flagship products is Lexity Live. Lexity Live offers data about store traffic.
Lexity raised $6 million in funding from angel investors like Esther Dyson, Joshua Schachter, Vish Makhijani, and Ash Patel. Spark Capital, True Ventures, and 500 Startups also participated in this round.
This is Yahoo!’s 20th acquisition since Marissa Mayer became CEO.
Update: According to sources with AllThingsD, Yahoo! spent between $35 million and $40 million in cash to buy Lexity.