Pinterest Inc. has purchased Icebergs, the latest target in what has been an acquisitive year for the social network. Terms of the deal were not disclosed.
Founded in 2009, Pinterest bills itself as a “visual discovery tool” and features a virtual pinboard. The social bookmarking site has raised more than $750 million from venture capital firms, including Andreessen Horowitz, Bessemer Venture Partners, Fidelity Investments, FirstMark Capital and Valiant Capital Partners.
San Francisco-based Pinterest has been buying up smaller companies. In January, Pinterest purchased image recognition and visual search startup VisualGraph. In 2013, Pinterest picked up code challenge site Hackermeter; recommendations startup Livestar Inc.; and recipe site Punchfork.
Founded in 2013, Barcelona-based Icebergs develops an online service that enables users to organize projects, images, articles, files, videos and other content to share with others. The website is considered a competitor to Pinterest. Both networks appeal to designers and artists, in part because of the ease of uploading images. Icebergs is expected to shut down in September, and co-founders César Isern and Albert Pereta are said to be joining the Pinterest product design team and relocating from Spain to San Francisco.
The deal coincides with previous Web transactions in which tech buyers, namely Yahoo Inc. (Nasdaq: YHOO), pursue a company for talent purposes — a method that has been dubbed “acqui-hiring.” The tactic helped the Sunnyvale, California company win Mergers & Acquisitions' M&A Mid-Market Award for Strategic Buyer of 2013.