Snap Gets More Serious About Local Business With Seattle Startup Acquisitio
- Author: Arturo Norris Jun 06, 2017,
Jun 06, 2017, 23:01
Snap launched a similar measurement feature this spring, but Placed has years more experience and the ability to help advertisers compare effectiveness across multiple apps. Snap confirmed the acquisition on Monday, while declining to comment on the price.
Placed has built an audience of users that it can ask directly about their recent locations and store visits. It could also be for a new ad format that enables instant purchase.
With its acquisition of Placed - Snap to Store and Placed will continue to be separate services - it's clear that the company is investing in ways to help advertisers measure the impact of their Snapchat ads. This is valuable data for Snap as they continue to drive shareholder value through advertising and other business models. The company measures digital media, advertising and it's direct effect that it has on in-store visits.
Snapchat hopes its latest purchase will serve to bolster its Snap to Store offer which enables marketers such as 7-Eleven and Wendy's to keep track of the volume of consumers who walk into a store within one week of viewing their ads on Snapchat.
Geekwire originally learned of the deal last week, but both companies were keeping it quiet. The terms of the deal were undisclosed. To date Placed has raised $13.8 million dollars. That's what Placed does, and now it was acquired by Snap.
Placed which employs around 100 people, will continue to operate independently out of Seattle and other offices in NY and Los Angeles, according a GeekWire report that also noted that the deal is one of Snap's most expensive acquisitions. Most recently, it bought Los Angeles-based small drone manufacturer Ctrl Me Robotics for almost $1 million.
In August 2016, it paid more than $110 million to acquire mobile search app Vurb.