GPS navigation software provider TeleNav today announced the acquisition of ThinkNear a privately-held, venture backed hyperlocal mobile advertising network for $22.5 million, including $18.5 million in cash.
The ThinkNear location-based advertising network reaches tens of millions of customers across more than seven billion impressions per month. ThinkNear ad engine includes what they call Situational Targeting, showing up ads based on location (geo-targeting down to 100 meter) and context (weather, traffic, population density, local events, etc.).
The acquisition, which closed on October 10, 2012, added ThinkNear's team of twelve employees, including its two co-founders Eli Portnoy (CEO) and John Hinnegan (CTO), to Telenav's mobile local advertising group.
Investors in ThinkNear included most notably IA Ventures, Google ventures, Metaphoric Ventures and Qualcomm. IA Ventures led a Series A round of $1.63 million announced in July 2011.
The ThinkNear location-based advertising network reaches tens of millions of customers across more than seven billion impressions per month. ThinkNear ad engine includes what they call Situational Targeting, showing up ads based on location (geo-targeting down to 100 meter) and context (weather, traffic, population density, local events, etc.).
The acquisition, which closed on October 10, 2012, added ThinkNear's team of twelve employees, including its two co-founders Eli Portnoy (CEO) and John Hinnegan (CTO), to Telenav's mobile local advertising group.
Investors in ThinkNear included most notably IA Ventures, Google ventures, Metaphoric Ventures and Qualcomm. IA Ventures led a Series A round of $1.63 million announced in July 2011.
Scout Advertising
TeleNav will combine ThinkNear with its own mobile advertising team in a new department called Scout Advertising, “Scout“ referring to the new navigation brand of TeleNav.
“Scout Advertising will combine ThinkNear's Situational Targeting technology with Telenav's Drive-To Advertising measurement to give advertisers access to a comprehensive solution delivering billions of hyper-local impressions per month,“ wrote TeleNav.
With this acquisition TeleNav combines their own 34 million users of mobile turn-by-turn navigation with 7 Billion location-tagged mobile impressions per month.
TeleNav direct advertisers already included Ampm, Walmart, Exxon Mobil, Olive Garden, Dunkin Donuts, Marriott and Radio Shack.
With TeleNav's mobile navigation system increasingly offered for free there was a need for TeleNav to increase its reach and know-how in mobile advertising through such an acquisition.
TeleNav will combine ThinkNear with its own mobile advertising team in a new department called Scout Advertising, “Scout“ referring to the new navigation brand of TeleNav.
“Scout Advertising will combine ThinkNear's Situational Targeting technology with Telenav's Drive-To Advertising measurement to give advertisers access to a comprehensive solution delivering billions of hyper-local impressions per month,“ wrote TeleNav.
With this acquisition TeleNav combines their own 34 million users of mobile turn-by-turn navigation with 7 Billion location-tagged mobile impressions per month.
TeleNav direct advertisers already included Ampm, Walmart, Exxon Mobil, Olive Garden, Dunkin Donuts, Marriott and Radio Shack.
With TeleNav's mobile navigation system increasingly offered for free there was a need for TeleNav to increase its reach and know-how in mobile advertising through such an acquisition.
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