Pinterest (PINS) - Get Pinterest Inc. Class A Report shares rose after a report said the image-sharing social media platform was in discussions to buy VSCO (Visual Supply Company), a photography app popular with teens.
Two knowledgeable sources gave that information to The New York Times. They didn’t specify a value for the transaction. VSCO has garnered $90 million in funding and was last valued at $550 million, according to the Times.
Pinterest was at $79.50, up 2.28%, in premarket trading Monday. The stock has soared 77% over the last six months as consumers have turned heavily to social media during the COVID pandemic.
Julie Inouye, a spokeswoman for VSCO, told the Times that the company was focused on expanding its business.
“We’re always meeting with different companies across the creative space at any given time and do not discuss rumors or speculation,” she said.
In other Pinterest news, the company will begin allowing ads in Brazil starting Monday. The company said it has 46 million users there.
The ad options include “robust targeting, shopping ads, interactive measurement dashboards and other tools,” Pinterest said.
“Brazil is one of Pinterest’s largest markets outside of the U.S.,” said Jon Kaplan, global head of sales at Pinterest.
“Our scale, paired with the unique mindset of people on Pinterest, makes our audience incredibly valuable to marketers. We're thrilled to bring this opportunity to advertisers in Brazil, and look forward to expanding across more countries in Latin America,” Kaplan added.
In February, analysts said Microsoft MSFT has enough capital to purchase Pinterest, following reports that the software giant had approached Pinterest about a possible acquisition.