Placed, a Seattle startup that was acquired by social media and sunglasses vendor Snap earlier this year, went for $135.1 million in cash, according to filings with the Securities and Exchange Commission released after Snap’s second-quarter earnings.
Snap doesn’t name Placed directly in its second-quarter earnings filing, but it’s not hard to figure out what it meant by “in July 2017, we acquired an advertising measurement services company,” as written in its filing.
Placed allows marketers to analyze location data from users against advertising impressions to get a sense of whether ads drove in-store activity and how people “showroom,” or search for online prices for objects they see in a store, among other things.
GeekWire broke the news of Snap’s deal for Placed, and our sources pegged the total value of the deal at more than $200 million. On Friday, a GeekWire source stood by the more than $200 million figure that was previously reported. It was unclear whether the figure reported in the SEC filing included any earn-outs or future payments for Placed.
Snap also confirmed that it paid $213.3 million for Zenly, a startup that had developed mapping technology that allows friends to share their location with each other.
The company is certainly hoping that the new additions help boost ad revenue, which came in short of analyst expectations for its second quarter, disappointing investors in just its second earnings call since going public in March.
Placed CEO and co-founder David Shim plans to stay at Snap, and plans to report to Snap Chief Strategy Officer Imran Khan.
Placed will continue to operate in Seattle. Snap set up an engineering center in Seattle last year, and has big plans to expand the office to nearly 50,000 square feet.
Founded in 2011, Placed raised $13.8 million from Madrona Venture Group and Two Sigma Ventures. Board members include Shim; Matt McIlwain; David Joerg; and Brian McAndrews. Its most recent funding was a $10 million Series B round in 2014.