By Janice Partyka.
TeleNav has announced that it has acquired Local Merchant Services, Inc., d.b.a. ThinkNear, a privately held hyper-local mobile advertising company in Los Angeles, California, for consideration of $22.5 million, consisting of approximately $18.5 million in cash, plus restricted stock and assumed options. The acquisition, which closed on October 10, added ThinkNear’s team of 12 employees, including its two co-founders, to Telenav’s mobile local advertising group. Telenav will combine ThinkNear’s targeting technology with the existing Telenav Drive-To Advertising solution to create a new mobile local advertising platform called Scout Advertising.
ThinkNear states that it helps advertisers reach consumers within 100 meters of any location. ThinkNear’s targeting technology enables situational targeting, which reportedly takes into account where consumers are, what they are doing, and what is happening around them.
“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.”
“Most mobile ad networks struggle with targeting because they are trying to apply online technologies in the mobile space,” said Dariusz Paczuski, vice president of products, marketing, and monetization at Telenav. “This is frustrating for brick and mortar advertisers because, although the growth in mobile Internet use is astounding, the ROI for mobile has been difficult to measure. We now solve that problem by driving more customers at scale with hyper-local targeting and measurable results.”
“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,” stated Paczuski. “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.”