updated - June 4, 2020 Thursday EDT
Yahoo!, Inc. announced that it has reached a "definitive agreement" to acquire Polyvore, a leading social shopping site, according to a press release issued by Yahoo.
The deal is expected to enhance Yahoo's consumer and advertiser offerings.
Polyvore provides Yahoo with strong experience in community-based content and social media, and technology in advertising and a strong advertising relationship with Polyvore's retailers.
The deal allows Yahoo to access and utilize Polyvore's strong experience in media. The company's community-powered content, which is curated and actionable for shoppers, provides added boost to Yahoo's digital magazine and verticals, according to the press release.
In addition, Polyvore's technology will enhance Yahoo Geminin, Yahoo's "fast-growing native advertising platform."
Polyvore brings to the table a proven native ad model and new compelling native ad formats. The company also gives Yahoo access to more than 350 retailers that Polyvore has a strong advertising relationship with according to the press release.
Simon Khalaf, senior vice president of Publisher of Products of Yahoo, said in the press release that they are"thrilled" that the Polyvore team will be joining them.
"Polyvore has built an excellent team, a category leading product, and a strong business based on a highly engaged community," he said. "The combination of Yahoo's industry-leading digital content with Polyvore's expertise in community and commerce has outstanding potential."
Bloomberg adds that Marissa Mayer, CEO of Yahoo, has been pushing for the company to add more news, entertainment and shopping information to the Web portal. She's pushing for this, in hopes of drawing a bigger audience and sell advertising.
Jess Lee, co-founder and CEO of Polyvore, said in the press release that he is delighted to join Yahoo.
Our core mission of empowering people to feel good about their style will remain the same, but with Yahoo's help we'll be able to make Polyvore even bigger and better for our user community," he said.
Polyvore's products and services will continue to operate after the close of the acquisition, the press release states.
Polyvore will join respective Yahoo offices in Sunnyvale, San Francisco and New York. Lee will be reporting directly to Khalaf.
The deal is subject to customary closing conditions.
TOP 10 FRANCHISES OF 2020