Facebook to buy shopping search engine TheFind to boost ads business

Features Associated Press

Facebook says it bought shopping search engine TheFind to help boost its advertising business.

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Terms of the deal were not disclosed. The acquisition is expected to close in the next few weeks.

TheFind, which was founded in 2006, will shut down and some of its key employees will work at the social media company. TheFind lets users search for items to buy from websites or in local stores. It is based in Mountain View, California.

In a statement Friday, Facebook said that TheFind will help make its ads more relevant and better for its users.

Shares of Facebook Inc., based in Menlo Park, California, slipped 5 cents to $78 after the stock market closed.