The American image sharing and social media service app “Pinterest” has held talks to acquire VSCO, according to two spokesperson with knowledge of the matter.
The discussions are open-ended, stated by the spokesperson, who refused to be identified because they were not authorized to speak publicly about the matter.
It has been stated that the deal price could not be determined. On the other hand, the Pinterest market has a market of around capitalization in funding of about $49 billion, while VCSO has accumulated $90 million in funding and was valued last at $550 million.
An allowance may not materialize, the people warned.
Pinterest and VSCO Representatives refused to comment further on the deal talks, and will surely open everything.
Meanwhile, a spokesperson for VSCO Julie Inouye stated- “the company was forced to expand its business. “We are always meeting with different firms across the creative space at any given time and do not discuss rumors”.
Both of the firms belong to a group of tech companies that are highly focused on digital images and visual editing and that rely quite less on social media networking features and other things.
Pinterest reached its high peak in a very short period, as it went public in 2019, letting its users discover and save images and acquire creative projects to share ideas and innovate better ways of doing things in any niche.
Pinterest, a San Francisco firm faced social tension last year. In December, and agreed to pay $22.5 million to settle the issue of gender discrimination and reprisal lawsuit from its former CEO. it was still considered one of the biggest publicly settlements for gender discrimination.
Lastly, when VSCO became a cultural phenomenon in 2019, investors interested in the start-up grew. When the global pandemic hit, it laid off 30% of its workforce. Later in December it acquired Trash, a mobile application for video editing, and stated it planned to continue acquiring companies in the coming future and 2021.
Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.