Foursquare has just made its first acquisition. The company of geolocation in social networks has bought Placed, from Snap Inc., for an amount of nothing more and nothing less than 150 million dollars. The founder and CEO of Placed, David Shim, with this movement, will become the president of Foursquare.
“The new product will be called ‘Placed Powered by Foursquare’ and among its partners will be Twitter, Snap, Pandora and Waze.”
So far, Placed was the biggest competitor of Attribution, the Foursquare product that allows companies to track the physical impact – traffic on store visitors – of a campaign or digital ad. Placed was born in 2011 and raised $ 13.4 million before being acquired by Snap Inc. in 2017. Between Placed and Attribution of Foursquare have registered more than 3.00 million visits in stores.
What consequences will this purchase have for Foursquare? In the first place, it is the largest disbursement in its history, of 150 million dollars, after the investment of 33 million in Series F carried out last year.
In the second place, Attribution will now be called “Placed powered by Foursquare” -Placed developed with Foursquare technology, in Spanish-. The purchase also means that Placed by Foursquare will now have more than 450 partners, including major companies such as Twitter, Snap, Pandora and Waze. In fact, more than 50% of the richest companies in the world work with Placed or Foursquare.
Placed, meanwhile, will have access to the existing map of 105 million Foursquare attractions in 190 countries, and will be able to take advantage of the audience of more than 100 million devices monthly in the United States.
In the words of Foursquare CEO Jeff Glueck, “this purchase is one of the largest investments in the area of location technology. The investment will finance our acquisition and will also provide us with the means to carry out our R & D and expansion plans, which will allow us to concentrate on our mission of building the world’s most reliable independent location technology platform.”