Pinterest Completes Acquisition of THE YES

Rhea-AI Summary

Pinterest, Inc. (NYSE: PINS) has completed its acquisition of THE YES, an AI-driven fashion shopping platform. This strategic move aims to enhance Pinterest's shopping experience and solidify its role as a taste-driven shopping destination. The integration will focus on merging technology and shopping expertise while phasing out THE YES app and website. Although the financial terms of the deal were not disclosed, Pinterest anticipates that the innovative technology and leadership of THE YES will significantly contribute to its shopping vision.

Positive

• Acquisition of THE YES enhances Pinterest's shopping capabilities.
• Integration aims to improve user personalization in fashion shopping.
• Opportunity to leverage AI technology for better shopping experiences.

Negative

• Financial terms of the transaction remain undisclosed, creating uncertainty.
• Transition may lead to potential integration challenges.
• Closure of THE YES app may alienate existing customers.

SAN FRANCISCO--(BUSINESS WIRE)-- Pinterest, Inc. (NYSE: PINS) - Today, Pinterest is announcing it has completed the acquisition of THE YES, an AI powered shopping platform for fashion that enables users to shop a personalized feed based on the user's active input on brand, style, and size. Pinterest believes that THE YES’s leadership, innovative technology and talented team, combining shopping expertise with fashion industry credibility, will help accelerate Pinterest’s vision for it to be the home of taste-driven shopping.

Pinterest is building a destination for shopping that brings together the unique commercial intent of its audience and the ability to visually explore products as you would in a magazine or catalog. Over the next few months, Pinterest plans to sunset the THE YES app and website to allow the merged teams to focus on technology integration and evolving Pinterest’s shopping vision.

Forward Looking Statement

This communication contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements and information usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations, business or operating results. Forward-looking statements are often identified by the words “will,” “can,” “expect,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking.

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: risks associated with tax liabilities or changes in U.S. federal tax laws or interpretations to which the proposed transaction with THE YES or the parties thereto are subject; risks related to the operation of THE YES’s business after the closing of the acquisition; failure to successfully integrate any new business; failure to realize the anticipated benefits of any combined operations; unanticipated costs of acquiring or integrating THE YES; potential impact of consummation of the acquisition on relationships with third parties, including employees, customers, partners and competitors; inability to retain key personnel; changes in legislation or government regulations affecting the acquisition or the parties; and economic, social or political conditions that could adversely affect the acquisition or the parties. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2021 and in our other SEC filings. You can locate these reports through our website at http://investor.pinterestinc.com/. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We do not undertake any duty to update any forward-looking statement or other information in this communication, except to the extent required by law.

About Pinterest

Pinterest is the visual inspiration platform people around the world use to shop products personalized to their taste, find ideas to do offline and discover the most inspiring creators. People have saved more than 360 billion Pins across a range of interests from building a home office to cooking a new recipe and planning a vacation. Headquartered in San Francisco, Pinterest launched in 2010 and has more than 400 million monthly active users worldwide. Available on iOS and Android, and at pinterest.com.

***Financial terms of the transaction were not disclosed***

View source version on businesswire.com: https://www.businesswire.com/news/home/20220610005518/en/

Press

LeMia Jenkins

press@pinterest.com

Investor Relations

Neil Doshi

ir@pinterest.com

Source: Pinterest, Inc.

FAQ

What is the purpose of Pinterest's acquisition of THE YES?

The acquisition aims to enhance Pinterest's shopping experience by integrating AI technology for personalized fashion shopping.

What will happen to THE YES after the acquisition?

Pinterest plans to sunset THE YES app and website to focus on technology integration and evolving its shopping vision.

How will this acquisition affect Pinterest's business?

The acquisition is expected to strengthen Pinterest's position in the shopping market and improve user experience through enhanced personalization.

When was the acquisition of THE YES completed?

Pinterest announced the completion of the acquisition of THE YES today.

What are the potential risks associated with the acquisition?

Potential risks include integration challenges, undisclosed financial terms, and impact on customer relationships.