Photo sharing social media platform Pinterest has acquired AI-powered shopping startup 'The Yes' for an undisclosed sum. THE YES was founded in 2018 by CEO Julie Bornstein, an ecommerce and fashion industry veteran and CTO, Amit Aggarwal, a tech industry veteran.
Over the past several years, THE YES scaled to provide a personalised daily shopping feed built for each user that learns their style as they shop with hundreds of merchants, including global brands and discovery brands across the fashion spectrum. The company said in a statement late on Thursday that it expects the deal to close in the second quarter of 2022.
Upon the closing of the transaction, Bornstein will report to Pinterest's Co-Founder and CEO, Ben Silbermann, and will lead shopping vision and strategy across Pinterest.
"THE YES team are experts in building an end-to-end shopping experience. They share our vision of making it simple to find the right products that are personalised for you based on your taste and style," said Silbermann.
"Joining forces with Pinterest to broaden our reach utilizing such an inspirational platform is an exciting and ideal next step for our team and technology, added Bornstein. Pinterest plans to sunset the THE YES app and website to allow the merged teams to focus on technology integration and evolving its shopping vision.