Los Angeles-based ShopIt , which develops online, e-commerce software which allows people to buy and sell products through social networking sites like Facebook and MySpace, has been acquired by Altrinsic. ShopIt was venture backed by Emerson Ventures and Propulsion Ventures, and had raised $2.5M Publicly held Altrinsic, which is based in New York, said Financial terms of the acquisition were not announced. in a Series B in October.

Los Angeles-based Shopit, which develops a platform to allow users to buy and sell products on social networks, announced support for Ning this morning. Shopit said that it will support Ning, a social networking site, through its support of the OpenSocial API. Shopit creates software widgets which allow users to sell products from their profile pages and other web pages. Shopit's software also works with MySpace, Facebook, AIM, Bebo, Friendster, Blogger, and Hi5. READ MOR