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Facebook acquires TheFind, said to ramp up product advertising
[SAN FRANCISCO] Facebook is buying TheFind, a search engine for Web shopping, as the world's largest social network seeks to make more money from people shopping online.
The website's features will eventually be integrated into Facebook's advertising service, a person with knowledge of the matter said. TheFind's technology will help make Facebook's ads more oriented around products, said the person, who asked not to be identified because the information isn't public.
While Facebook has sought to find ways to profit from people finding things to buy as they browse their social networks, it hasn't always succeeded. For example, the company discontinued a service that sent birthday gifts. Now, Facebook is focusing its efforts on e-commerce-related ads and putting direct links to products that are later purchased. It's also testing a "buy button" for direct purchases.
"Our business is about connecting people with the topics, companies, brands, and increasingly products they care about and we look forward to doing that with TheFind on board," Facebook said in a statement.
TheFind may also help Facebook get smarter about not showing ads for products that have already been purchased, the person said.
Facebook announced the acquisition Friday, without disclosing the terms.