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Indian founded Kosmix acquired by Walmart
By siliconindia
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Tuesday, 19 April 2011, 13:04 IST
Bangalore: Walmart has announced on Monday that it is going to buy Silicon Valley startup Kosmix. The deal is expected to close during the first half of the year. However, the terms of the deal have not been disclosed yet.
Kosmix is based Mountain View, Calif. It's a heavily funded social media technology provider. It has built a platform that enables users to filter and organize content in social networks to connect people with real-time information. The company was founded by Venky Harinarayan and Anand Rajaraman in 2005. Their first company, Junglee, was acquired by Amazon.com in 1998.
According to a statement, founders and Kosmix will operate as part of the newly formed @WalmartLabs unit, and will support the company's plan to integrate the shopping experience between stores and e-commerce.
Walmart reported a rise of 2.5 percent in its sales in February. Its profit jumped 27 percent for the fiscal fourth-quarter ended 31 Jue.