Wal-Mart Stores, Inc. (WMT) acquires ad-tech company Adchemy
The @WalmartLabs R&D division of Wal-Mart Stores, Inc. (NYSE:WMT) has acquired Adchemy. This is the @WalmartLabs’ twelfth acquisition and is the biggest deal in terms of people. Adchemy was founded in 2004 and raised almost $120 million in outside funding. However, Adchemy was not yet profitable as of last November.
Adchemy CEO Murthy Nukala will not be joining Walmart following the acquisition, according to TechCrunch. The terms of the deal were undisclosed, but it sounds like the transaction happened as part of a talent acquisition goal.
Adchemy has a team of 60 that will be joining @WalmartLabs, which includes many skilled engineers. This includes Rohit Deep (former Chief Architect and Engineering Lead at WebEx), Ethan Batraski (former head of search innovation at Yahoo), Esteban Arcaute (Stanford PhD and data scientist).
Adchemy primarily focuses on semantic search technology and the team will be working on enhancing Walmart’s catalog. Adchemy’s customers include Macys, ModCloth, Overstock.com, Finish Line, and American Eagle Outfitters. The contracts will be terminated when the deal closes.