So what value did Facebook find in TheFind?

Over the last weekend, social network Facebook acquired e-commerce search Site, TheFind. Then came the news that in the next few weeks, TheFind would be switched off. So why buy something that you gonna shut down anyway? And not that TheFind was a competitor to FB.

There’s  more to it, obviously. Both Facebook & TheFind have explained the deal as a way to “give a boost” to FB’s digital advertising business.”Together, we believe we can make the Facebook ads’ experience even more relevant and better for consumers,” Facebook said in a statement.This also means a big thing for Online retailers. TheFind is the only comparison shopping platform with retail/product based search ability, & is said to be in direct competition with the Google Shopping platform. The acquisition means Facebook can aggressively pursue retargeting & merchandising opportunities for retail advertising clients without the need of a data feed, say analysts.

The announcement by TheFind said: We are now starting our next chapter by combining forces with Facebook to do even more for consumers. Facebook’s resources and platform give us the opportunity to scale our expertise in product sourcing to the over 1 billion people that use the platform.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.

TheFind was co-founded in 2006 by Siva Kumar & Shashikant Khandelwal. It previously raised US $26 million in 3 investment rounds, but had not received an influx of cash since 2007. Now, according to an announcement on the Site, some members of TheFind team will be joining FB to “do even more for customers”.

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