Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Icebergs’ founders will join the social network and shutter its service. The move is the social network’s fifth acquisition.
Pinterest has acquired Icebergs, a “visual organization” tool that users can use to organize projects and content. Terms of the deal were not disclosed.
Icebergs is similar to Pinterest in that it enables users to organize visual content. But unlike Pinterest, which makes users’ boards public, Icebergs let users keep its projects private. Pinterest users are allowed to create a small number of “private boards” that are private.
The deal appears aimed at acquiring the talent behind the Pinterest-like tool; the social network says that Icebergs co-founders César Isern and Albert Pereta will join Pinterest’s product management and design teams.
"As we build products that help people discover, save and do the things they love, we’re also focused on growing a team of world-class talent,” says a Pinterest spokeswoman. “For years, César and Albert have been building technology to improve online visual curation and organization of projects, and we’re excited for them to join us.”
Pinterest says it will discontinue Icebergs’ services on Sept. 1; the service will offer a few options for users to export their content until it shutters its service.
The move, which is Pinterest’s fifth acquisition, comes only a few months after the social network announced it had raised $200 million to help it hire additional staff with the aim of making Pinterest a “discovery platform,” where consumers can find products they may not have encountered before.
Pinterest is the 12th most-visited site in the United States, according to Alexa Internet Inc., a subsidiary of Amazon.com Inc., and the average visitor spends more than 6 minutes and 59 seconds per visit on the site.