Popular social marketplace Luvocracy has decided against disclosing the terms and immediate implications of its purchase by @WalmartLabs.
Reports suggest Luvocracy’s days as a company could be numbered after Walmart’s R&D wing sealed a deal for the service, granting it access to a social platform which allows people to browse through and buy items recommended by their friends and family.
Despite declaring excitement at being snapped up, an email announcement from Luvocracy failed to touch upon what the future holds for its service.
The company has simply thanked its fans for accomplishing “so much together” and helping to influence over $1 million worth of purchases over a three-year history. @WalmartLabs meanwhile has only spoken to confirm that 16 of Luvocracy’s staff will be joining the retail giant’s research group at an unknown date.
If @WalmartLabs were to absorb Luvocracy’s offering in order to develop its own product recommendation capabilities, this would put an end to what has proved to be a turbulent period for the company being acquired.
Formerly based in San Francisco, the firm has fought off staff cuts and personnel shuffles to help consumers find new products through the people they trust. Luvocracy hit headlines in May 2013 after raising $11 million in funding from Kleiner Perkins, Google Ventures and Yahoo CEO Marissa Mayer among others.
Talking to PerformanceIN back in October of last year, the company’s head of corporate development functions laid out plans to expand the business internationally in early 2014.
Now, it seems the remains of Luvocracy will be staying firmly planted in the US as @WalmartLabs seeks to utilise the group’s expertise for its own progress in e-commerce.
In a blog post announcing the purchase, @WalmartLabs took the time to introduce some of its new and more notable members of staff.
Key hires include Luvocracy co-founder Nathan Stoll, an ex-project manager at Google who worked on products such as AdWords and Google News in their early stages of development.
Also joining @WalmartLabs is VP of design Brooke Thompson, a once senior director of design at Yahoo!, and VP of engineering Ajay Agrawal, who counts eBay Microsoft and Oracle among his former employers.
When PerformanceIN contacted Luvocracy for comment, the company failed to reply.