Facebook announced Friday that it has acquired the online shopping search engine TheFind to use its technology to boost its commerce ads.
"We're excited to welcome TheFind to Facebook. TheFind's talented team has built a successful search engine that connects people to products. Together, we believe we can make the Facebook ads experience even more relevant and better for consumers. 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," the social networking giant said in a statement.
The Mountain View online shopping site also confirmed that it is joining the social networking giant and that it is closing the site in the next few weeks.
"Key members of our team are joining the company and will be working hard to integrate our technology to make the ads you see on Facebook every day better and more relevant to you," wrote the announcement on the site.
Facebook bought TheFind for an undisclosed amount and did not provide any details about the purchase. The company plans to use the technology to attract users to search and shop using the social networking site.
Major retailers have been pulling out their products since 2012 due to very low sales, so the buyout is one of the company's initiatives to either win them back or to keep the remaining retailers, according to Fortune.com.
TheFind was founded in 2006 and was initially selling events tickets before it transformed into a shopping site. According to the company's website, it sells 500 million products from over 500,000 stores and online merchants. The site offers apparel, accessories, and products for home and garden, fitness, kids and family, and health and beauty.