JiWire Acquires Mobile Shopping App Maker NearbyNow

JiWire Acquires Mobile Shopping App Maker NearbyNow
Wi-Fi Hotspot Ad network JiWire announced yesterday the acquisition of NearbyNow, a start-up company that develops mobile apps for magazine publishers, the app offering consumers the ability to find a featured product at a nearby store and put the item on hold.

JiWire did not disclosed financial details of the acquisition. NearbyNow, launched in 2006, was backed by venture capital firms Norwest Ventures and Draper Fisher Jurvetson and raised a total of $19.25 million in three rounds of funding.

NearbyNow is currently powering mobile applications such as GQ Style Pick, Shop Cosmo, Runner's World Shoe Shop or Seventeen Fashion Finder. The platform is used by three million mobile shoppers.

In their press release JiWire said that NearbyNow has seen outstanding ad click-through rates of more than 20 percent and conversion-to-purchase average rates of 5.8 percent.

"The era of location is upon us. It's not about 'mobile' versus 'display ad,' it's about delivering relevant location-based advertising across all media types”, said Scott Dunlap, founder of NearbyNow and vice president of Mobile Business Development at JiWire. “The brands that can do this at scale will reap the rewards of the $1 trillion opportunity created by consumers who use online and mobile to influence their offline purchasing".

JiWire currently gives advertisers access to over 35 million monthly unique visitors to WiFi hotspots.

Wednesday, November 24th 2010

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