SAN FRANCISCO–(COMMERCIAL WIRE)–Pinterest, Inc. (NYSE: PINS) – At the moment, Pinterest proclaims that it has entered right into a definitive settlement to accumulate THE YES, an AI-powered trend procuring platform that permits customers to buy a customized feed based mostly on the lively consumer enter. in model, fashion and dimension. Pinterest believes that THE YES’ management, modern know-how and proficient crew, which mix procuring experience with trend trade credibility, will assist speed up Pinterest’s imaginative and prescient to be the house of web-based procuring. style.
With a whole bunch of branded retailers on their platform, THE YES crew has created a complete taxonomy of trend that makes use of human expertise and machine studying to drive a complete algorithm in trend. THE YES model relationships and procuring expertise can doubtlessly be utilized to different classes on Pinterest, resembling residence, magnificence, and meals.
THE YES was based in 2018 by CEO Julie Bornstein, a trend and e-commerce trade veteran, and CTO Amit Aggarwal, a tech trade veteran. Lately, THE YES has expanded to offer a customized each day procuring feed that learns a consumer’s fashion as they store with a whole bunch of retailers, together with world manufacturers and discovery manufacturers throughout the style spectrum.
Following the closing of the transaction, Julie will report back to Pinterest co-founder and CEO Ben Silbermann and lead the imaginative and prescient and procuring technique at Pinterest, creating a brand new, strategic group devoted to taste-based procuring efforts. of Pinterest that may assist drive the evolution of options for Pinners and retailers on Pinterest. Pinterest is happy to welcome THE YES crew to affix Pinterest following the closing of the transaction.
“The YES crew are specialists in making a complete procuring expertise. They share our imaginative and prescient of creating it straightforward to search out the suitable merchandise which can be customized for you based mostly in your style and magnificence. We’re very enthusiastic about THE YES’ proficient crew and know-how as we construct devoted procuring experiences on Pinterest.” – Ben Silbermann, co-founder and CEO of Pinterest
“I’ve spent my profession on the intersection of procuring, trend and know-how and have seen firsthand the precious influence of making know-how that permits manufacturers to simply be a part of a platform whereas permitting clients to share your preferences. Becoming a member of forces with Pinterest to develop our attain utilizing such an inspiring platform is an thrilling and ideally suited subsequent step for our crew and our know-how.” – Julie Bornstein, Founder and CEO of THE YES
Pinterest is a procuring platform that brings collectively your viewers’s distinctive enterprise intent and the power to browse merchandise visually such as you would in a magazine or catalog. In a world of impulse shopping for, Pinterest is designed to allow impressed purchases. It is like a catalog, custom-made to your distinctive tastes.
Within the months after the transaction closes, Pinterest plans to close down THE YES app and web site to permit the merged groups to deal with know-how integration and evolving our procuring imaginative and prescient.
Topic to the satisfaction of customary closing circumstances, the transaction is anticipated to shut within the second quarter of 2022.
This communication accommodates forward-looking statements inside the which means of relevant securities legal guidelines. Ahead-looking statements and data usually relate to future occasions and anticipated revenues, earnings, money flows or different elements of our operations or outcomes of operations. Ahead-looking statements are sometimes recognized by the phrases “will”, “could”, “expects” and related expressions, together with the detrimental thereof. Nonetheless, the absence of those phrases doesn’t imply that the statements usually are not forward-looking.
As a result of these forward-looking statements contain dangers and uncertainties, there are vital components that would trigger our precise outcomes to vary materially from the expectations expressed within the forward-looking statements. These components embody, however usually are not restricted to, the next: failure to acquire required regulatory approvals in a well timed method or in any other case; breach of the closing circumstances of the proposed acquisition of THE SÍ; dangers related to tax liabilities or adjustments in US federal tax legal guidelines or interpretations to which the proposed transaction with THE YES or the events is topic; dangers associated to the operation of THE YES enterprise previous to the closing of the acquisition; failure to efficiently combine any new enterprise; failure to understand the anticipated advantages of any mixed operation; unexpected prices of buying or integrating THE YES; potential influence of the announcement or consummation of the proposed acquisition on relationships with third events, together with staff, clients, companions and opponents; incapability to retain key personnel; adjustments in laws or authorities laws affecting the acquisition or the events; and financial, social or political circumstances that would adversely have an effect on the proposed acquisition or the events. Extra particulars about these and different dangers which will have an effect on our enterprise are included in our Kind 10-Okay for fiscal 12 months 2021 and in our different filings with the SEC. You’ll be able to find these reviews by means of our web site at http://investor.pinterestinc.com/. We warning you to not place undue reliance on any forward-looking assertion, which speaks solely as of the date hereof. We undertake no obligation to replace any forward-looking statements or different data on this communication, besides to the extent required by legislation.
***Monetary phrases of the transaction weren’t disclosed***