Pinterest to Acquire THE YES, an AI Powered Shopping Platform for Fashion

SAN FRANCISCO, June 02, 2022–(BUSINESS WIRE)–Pinterest, Inc. (NYSE: PINS) – Now, Pinterest is saying that it is signed a definitive agreement to receive THE Sure, an AI driven buying platform for fashion that permits consumers to shop a personalised feed based mostly on the user’s active enter on brand, model, and dimension. Pinterest believes that THE YES’s management, ground breaking engineering and gifted workforce, combining buying abilities with vogue market believability, will enable accelerate Pinterest’s vision for it to be the property of taste-pushed procuring.

With hundreds of brand name retailers on its platform, the group at THE Yes has built an substantial fashion taxonomy that uses human abilities and equipment understanding to electrical power a comprehensive algorithm in manner. THE YES’s brand name interactions and shopping knowledge can probably be applied to other groups on Pinterest these as home, attractiveness and foodstuff.

THE Sure was launched in 2018 by CEO Julie Bornstein, an ecommerce and trend field veteran and CTO, Amit Aggarwal, a tech business veteran. More than the past many many years, THE Indeed has scaled to supply a personalized day by day searching feed that learns a user’s style as they store with hundreds of retailers, which includes global brand names and discovery models throughout the style spectrum.

On the closing of the transaction, Julie will report to Pinterest’s Co-Founder and CEO, Ben Silbermann, and will lead procuring eyesight and tactic throughout Pinterest, building a new and strategic group committed to Pinterest’s style-driven buying attempts that will enable steer the evolution of characteristics for Pinners and merchants on Pinterest. Pinterest is energized to welcome THE Sure workforce to join Pinterest subsequent the closing of the transaction.

“THE Yes group are specialists in making an conclusion-to-end buying working experience. They share our eyesight of generating it very simple to locate the proper solutions that are individualized for you based on your taste and design and style. We’re incredibly enthusiastic about THE YES’s proficient crew and technological innovation as we make committed purchasing activities on Pinterest.” – Ben Silbermann, Co-Founder and CEO of Pinterest

Tale proceeds

“I have used my occupation at the intersection of purchasing, trend and know-how and have found 1st-hand the important effect of building technology that allows models to be a part of a platform with simplicity though enabling shoppers to share their tastes. Signing up for forces with Pinterest to broaden our attain utilizing such an inspirational platform is an remarkable and perfect subsequent stage for our workforce and technological know-how.” – Julie Bornstein, Founder and CEO of THE Certainly

Pinterest is a shopping platform that delivers collectively the exclusive professional intent of its viewers and the ability to visually discover products as you would in a journal or catalog. In a world of impulse purchasing, Pinterest is intended to enable inspired browsing. It’s like a catalog, personalized to your one of a kind tastes.

In the months next the closing of the transaction, Pinterest ideas to sunset the THE Sure app and web site to enable the merged groups to concentration on know-how integration and evolving our procuring eyesight.

Subject to the gratification customary closing disorders, the transaction is predicted to near in the 2nd quarter of 2022.

This interaction has ahead-seeking statements within the indicating of applicable securities rules. Forward-on the lookout statements and information and facts normally relate to potential gatherings and expected revenues, earnings, dollars flows or other elements of our functions or operating benefits. Ahead-wanting statements are usually recognized by the terms “will,” “can,” “assume,” and similar expressions, such as the detrimental thereof. The absence of these phrases, having said that, does not mean that the statements are not ahead-looking.

For the reason that these forward-hunting statements entail risks and uncertainties, there are important elements that could induce our true effects to differ materially from the anticipations expressed in the forward-looking statements. These things consist of, without limitation, the pursuing: failure to acquire needed regulatory approvals in a timely fashion or otherwise failure to fulfill any closing situations to the proposed acquisition of THE Indeed hazards related with tax liabilities or alterations in U.S. federal tax legal guidelines or interpretations to which the proposed transaction with THE Of course or the functions thereto are matter dangers related to the procedure of THE YES’s business prior to the closing of the acquisition failure to productively combine any new business failure to understand the expected benefits of any put together functions unanticipated prices of obtaining or integrating THE Certainly prospective effects of announcement or consummation of the proposed acquisition on interactions with 3rd parties, which includes workforce, customers, companions and rivals incapability to retain key staff alterations in legislation or authorities restrictions influencing the acquisition or the events and financial, social or political disorders that could adversely affect the proposed acquisition or the events. Extra information about these and other challenges that could impression our business are integrated in our Kind 10-K for fiscal 2021 and in our other SEC filings. You can find these reviews through our internet site at http://trader.pinterestinc.com/. We warning you not to spot undue reliance on any forward-hunting statements, which speak only as of the date hereof. We do not undertake any obligation to update any forward-wanting assertion or other details in this interaction, other than to the extent expected by law.

***Economic terms of the transaction were not disclosed***

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