Wal-Mart Stores Inc
Wal-Mart said Kosmix's founders and team will operate as part of a newly formed group called @WalmartLabs that will create technologies and businesses around shopping online or with smart phones.
We are expanding our capabilities in today's rapidly growing social commerce environment, said Eduardo Castro-Wright, Walmart's vice chairman. Social networking and mobile applications are increasingly becoming a part of our customers' day-to-day lives globally, influencing how they think about shopping.
Earlier on Monday, Wal-Mart's chief executive Mike Duke said in a statement that his top priority for this year was to turn around same-store sales at its U.S. discount chain.
Kosmix's founders, who sold their first company Junglee to Amazon.com Inc
(Reporting by Martinne Geller, editing by Gerald E. McCormick)