Snapchat acquired “Placed”
A six years old company that help advertisers track real-world purchase and visit stores has been purchased by Snapchat.
The possession comes as Snap has been expanding its ad tracking capabilities with products that can measure foot traffic tied to in-app campaigns.
More than 100 employees who were working for Placed will continue to report to founder and CEO David Shim, who will report to Snap’s chief strategy officer Imran Khan.
Terms included in the deal weren’t announced, but according to GeekWire the purchase price was for over $200 million. Snap under mounting pressure from Wall Street to grow its ad business and user base to compete the larger companies like Facebook.
In a blog post announcing the acquisition on Monday, Placed called itself the leader in “location-based attribution”, and noted that to date it has measured $500 million in advertising spend related to store visits.
“By partnering with Snap, we will do even more,” Still working independently, Placed’s goal continues to be the adoption of a common yardstick that can measure the offline effectiveness of advertising across multiple platforms and publishers.” Shim wrote.
Snap recently bought a small drone startup based in Los Angeles it has made a few acquisitions in the ad tech space to date, and its most recent quarterly filing with the SEC, Snap disclosed that it paid $20 million in March for an unnamed “cloud-hosted platform for building content online.” A spokesperson declined to reveal the company.
Source: Business Insider