Foursquare snapped up Placed from Snap Inc. via a $150 million investment led by the Raine Group. The acquisition creates a powerhouse in the location technology market. Foursquare will fold Placed into its suite of location-based offerings, and David Shim, founder of Placed, will join the executive leadership of Foursquare.
Jeffrey Glueck, chief executive officer of Foursquare, said in a statement, “Some 500 brands rely on Placed Attribution today. Foursquare Attribution has also been growing quickly. Together now we are the clear leader: More than 1,000 brands — including more than 50 percent of the Fortune 100 — have chosen Placed or Foursquare as a location services partner across our entire suite of products.”
Attribution technology involves taking digital ad exposure and connecting it to a physical store, which is emerging as a key tactic for retailers and brands deploying omnichannel strategies.
Exact terms of the transaction were not disclosed, but Glueck said the deal included other co-investors. “This is one of the largest investments ever in the location tech space,” the ceo said. “The investment will fund our acquisition and also capitalize us for our increased R&D and expansion plans, allowing us to focus on our mission to build the world’s most trusted, independent location technology platform.”
As a combined entity, Foursquare and Placed “have measured over $3 billion in ad-to-store visits [a quarter of a trillion ad impressions] over the last 12 months,” Once the deal closes, the company’s attribution solution will be called “Placed powered by Foursquare.” The platform will serve more than 450 media partners, and includes Snap, Twitter, Pandora and Waze — and will service a variety of channels such as digital, TV, video, etc. The Foursquare platform technology is used by Samsung, Uber, Apple, Accuweather and Tencent, among others as well as 150,000 registered developers.
Glueck said the deal is “part of our vision to offer a complete toolkit of location-aware services,” which includes developer tools, analytics and consumer segmentation.