Photo sharing social media platform Pinterest has acquired AI-focused shopping startup The Yes for an undisclosed amount.
The company said in a statement on Thursday that it expects the deal to close in the second quarter of 2022.
The company said that Pinterest sees the deal as a combination of top talent, expertise and technology to help accelerate its vision to make Pinterest a new home for taste-driven shopping.
San Francisco based The Yes was founded in 2018 by Julie Bornstein (CEO) and Amit Aggarwal (CTO), It offers a personalized daily shopping feed built for each user that learns their style as they shop with hundreds of merchants, including global brands and search brands across the fashion spectrum.
“THE YES team are experts in building an end-to-end shopping experience. They share our vision of making it simple to find the right products that are personalised for you based on your taste and style,” said, Ben Silbermann, Co-founder and CEO of Pinterest.
“Joining forces with Pinterest to broaden our reach utilizing such an inspirational platform is an exciting and ideal next step for our team and technology,” said, Julie Bornstein, CEO of The Yes.
Through this acquisition, Pinterest plans to shut down The Yes app and website to allow the merged teams to focus on technology integration and develop their shopping vision.
About The Yes
The Yes, is a next-generation AI-powered shopping platform poised to rewrite the architecture of e-commerce. Investors include NEA, Forerunner Ventures, True Ventures, Comcast Ventures, and Bain Capital Ventures.
Pinterest’s mission is to bring everyone the inspiration to create a life they love. It’s the biggest dataset of ideas ever assembled, with over 200 billion recipes, home hacks, style inspiration and other ideas to try. More than 430 million people around the world use Pinterest to dream about, plan and prepare for things they want to do in life.