Fresh off the purchase of mobile security company, AuthenTec, Apple is reportedly setting its sights on social commerce site, The Fancy, and is in talks to acquire the company, according to a report on Business Insider.
The Fancy, often seen as Pinterest’s rival, describes itself as “part store, blog, magazine and wishlist.” Like Pinterest, The Fancy allows users to create lists of things they find interesting, share it and also make purchases if they see something they like, with The Fancy then taking a 10 percent cut of the sales.
For some time now, Apple has been trying to crack into the world of social networking. With the launch and demise of Ping, Apple’s music-based network built into iTunes, Apple has stopped trying to grow its own network and has smartly decided to tap into the power of Facebook and Twitter.
Further adding to the speculation, Apple CEO Tim Cook was seen chatting to Joe Einhorn, CEO of The Fancy at the Sun Valley conference some weeks back and set up his own Fancy account soon after.
It is not known how much Apple is willing to pay for the company or if the transaction will go through. Last autumn, The Fancy had a reported valuation of $100 million and the fast-growing site is now raking in more than $10,000 in sales per day.