Walmart (WMT) Buys Shopping App Luvocracy

Most of Luvocracy's staff will join Walmart

   

Walmart (WMT) Buys Shopping App Luvocracy

Walmart (WMT) is acquiring Luvocracy and most of the talent behind it.

Walmart185 Walmart (WMT) Buys Shopping App LuvocracyThe shopping app makes it easier to find products you like, allowing you to “love” items and filtering them under a number of categories. Walmart did not disclose the terms of the deal for but it did announce that 16 of the 20 Luvocracy staff members will join the retailer.

Luvocracy CEO Nathan Stoll is among the staff members joining the company. “There’s no bigger stage in commerce than Walmart, and the opportunity to take our vision of social discovery and decision-making in commerce to their audience of hundreds of millions across the world was incredibly attractive,” he said.

The retailer plans on shutting down Luvocracy and use its new staff to help Walmart innovate on “design, product and discovery shopping,” the retailer says.

WMT stock is down about 0.2% Tuesday afternoon.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/07/walmart-wmt-luvocracy/.

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