In its first acquisition, location tech company Foursquare has purchased Placed from Snap.Inc and made Placed founder and CEO David Shim its own president.
Founded in 2011 and acquired by Snap.Inc in 2017, Placed offers location-driven insights and mobile ad intelligence. It recently received fresh investment of $150m in a round led by The Raine Group.
Placed had been the biggest competitor to Foursquare's Attribution platform which offers companies the opportunity to track in-store foot traffic resulting from a campaign or ad. The two platforms together have reportedly raised more than $3bn in ad-to-store visits.
The acquisition will see Foursquare's Attribution offering now being referred to as Placed powered by Foursquare.
"This is one of the largest investments ever in the location tech space," wrote Foursquare CEO Jeff Glueck in a blog post announcing the acquisition. "The investment will fund our acquisition and also capitalize us for our increased R&D and expansion plans, allowing us to focus on our mission to build the world’s most trusted, independent location technology platform.
"This acquisition in the attribution space is part of our vision to offer a complete toolkit of location-aware services," he added.
Glueck said that there were five key areas the company would focus on to build its vision: Developer tools; analytics; audiences; attribution; and consumer.