TeleNav (News - Alert), Inc., a company that provides personalized navigation solutions, recently announced that it has acquired Local Merchant Services, Inc., d.b.a. ThinkNear, a privately held hyper-local mobile advertising company located in Los Angeles, California, for consideration of $22.5 million. TeleNav will pay $18.5 million in cash and restricted stock and assumed options worth $4 million.
According to the terms of the agreement, Telenav will combine ThinkNear's targeting technology with its Telenav Drive-To Advertising solution to come up with mobile local advertising platform called Scout Advertising. The combined solution will give advertisers access to a comprehensive solution delivering billions of hyper-local impressions per month. Eli Portnoy, CEO and co-founder of ThinkNear who will be joining the Scout Advertising team
"We work with national advertisers who have come to realize that mobile isn't just about impressions, it's about driving and measuring the number of new customers," said Dariusz Paczuski, vice president of products, marketing, and monetization at Telenav. "We are extremely excited to combine ThinkNear's technology and expertise with our own to provide an even more comprehensive solution for advertisers to reach and drive more customers. This is a platform built from the ground up to leverage the mobile experience. We will help advertisers reach the right people while deploying the right mobile measurement tools. We expect this to change the game for advertisers. We are 100 percent focused on providing them with a clear and remarkable ROI on their mobile advertising spend. The proof will be the increase in customers driving to their front door."
"Real-time location is a nuanced and difficult problem and we have spent almost two years working on the technology to do it right," said Eli Portnoy, CEO and co-founder of ThinkNear who will be joining the Scout Advertising team. "We have built technology to target mobile consumers based on true location and real-time context across billions of monthly impressions."
Edited by Brooke Neuman