Business Insider is reporting that Apple may be in talks to acquire The Fancy, a smaller rival to the more popular Pinterest. The idea is to expand Apple's e-commerce reach by combining its more than 400 million iTunes accountholders with the "fast-growing social commerce site."
The Fancy may be a New York startup with only 20 employees, but the report notes the company "is much further along in linking its users to transactions" than rival Pinterest. The Fancy nabs a 10 percent of each purchase made through its website.
However, the report cautions this is far from a done deal.
"There is no signed deal and no guarantee one will happen," Business Insider adds. "We do not know the price Apple has proposed to pay for The Fancy or how recently talks took place."
Apple CEO Tim Cook was recently spotted chatting with The Fancy CEO Joe Einhorn, who met at Allen & Co.'s Sun Valley conference earlier this year. According to the report, Cook started using The Fancy shortly thereafter.
The Fancy board members include Twitter co-founder Jack Dorsey and Facebook co-founder Chris Hughes. Ironically, the company's offices are located above an Apple Store in New York City. Coincidence?
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