NEW YORK (TheStreet) - Walmart (WMT) continues to up its game against Amazon (AMZN) for e-commerce dominance, the world's largest retailer on Tuesday announced its latest acquisition, Adchemy.
Walmart says it's building an Internet tech company within the world's largest retailer. The company announced the acquisition of the product search and e-commerce technology business Adchemy in a blog post. Typing in Adchemy's web address redirects you to the @WalmartLabs blog.
Walmart's online sales growth surpassed Amazon's for the first time as global Internet sales rose by 30% to $10 billion for the fiscal 2013 year, which ended on Jan. 31. Amazon's U.S. sales growth, in comparison, rose 20% for the year ended Dec. 31, according to The Wall Street Journal, citing trade publication Internet Retailer.
Of course Amazon's total sales are far above Walmart's e-commerce sales, coming in at $67.8 billion last year. Last year, Amazon sold more than its 10 biggest competitors combined including Apple (AAPL), Staples (SPLS) and Walmart, the Journal says.
Adchemy is Walmart's twelfth e-commerce-related acquisition in three years. The company adds 60 employees to Walmart's 2,100, however the company's founder, Murthy Nukala, will not be joining Walmart. Nukala told The Journal that after "a number of years in the entrepreneur saddle, I just needed time to recover and recuperate."