US retailer Sears buys Israeli web search company DelverUS retailer Sears Holdings has acquired failing Israeli web search start-up Delver.
The Israeli company was on the verge of closure after failing to raise $6 million in capital. Sears acquired Delver as part of its policy to move into online service. The retailer restructured in 2008, reorganizing into five independent units – operating businesses, e-commerce, real estate, brands and operating businesses.
As part of the agreement Delver will continue to operate in Israel as an R&D center for Sears. It will continue development of its search engine, which is designed to improve the relevancy of web search results by prioritizing results based on the searcher’s social network. The company’s co-founder and CEO, Liad Agmon will move to the US and become a VP at Sears.
The size of the deal was not disclosed.