It seems an unlikely pairing, but the retail giant has signed an agreement to purchase Mountain View, Calif.-based social media startup Kosmix for a cool $300 million.
Founders Venky Harinarayan and Anand Rajaraman and the Kosmix team will operate as part of the new @WalmartLabs and continue to be based in Silicon Valley.
According to a press release, Walmart plans to expand @WalmartLabs. I imagine it will be tasked with Walmart’s cache of discounted products, available for purchase via every piece of Internet-accessible hardware on the planet.
Business Insider sees it as more of a move toward social commerce: