Published in Breaking News

Whirlpool acquires Silicon Valley tech platform

BY Wednesday, May 03, 2017 08:44am

BENTON HARBOR — International appliance manufacturer Whirlpool Corp. plans to acquire a technology company specializing in online food recipes.

The Benton Harbor-based Whirlpool (NYSE: WHR) said yesterday that it reached an agreement to acquire Redwood City, Calif.-based Yummly Inc., pending certain closing conditions, according to a statement. The deal is expected to be finalized this month and will not have a material impact on Whirlpool’s earnings. Terms of the deal were not disclosed.

Yummly was founded in 2009 and currently has more than 20 million registered users, according to a statement. Whirlpool expects Yummly to continue to operate as a wholly owned subsidiary. It will maintain its current California headquarters.

Past investors in Yummly included Bauer Venture Partners, Physic Ventures, Unilever Corporate Ventures, Harrison Metal Capital, First Round Capital, Intel Capital, and The Harvard Common Press. As of September 2015, the company had raised more than $24 million and had a valuation of $100 million, according to media reports. 

For its part, Whirlpool executives said the deal strengthens the company’s “position as a leader in building a seamlessly integrated connected kitchen” and help customers with daily meal planning.

“We are committed to introducing new products to market that remove complexity from the day-to-day lives of consumers,” Brett Dibkey, vice president of integrated business units for Whirlpool, said in a statement. “Yummly brings an outstanding platform on which to begin building our digital product offering.”

Read 2551 times Last modified on Wednesday, 03 May 2017 09:08