Snapchat Parent Buys Data Firm Placed for $135 Million
Snap Inc - which is the parent company of photo-sharing platform Snapchat - has acquired the 'Placed' data firm for $135.2 million (roughly Rs. 865 crores) in an all-cash deal, according to documents filed with the US Securities and Exchange Commission (SEC).
The data firm would continue to operate independently with David Shim as its Chief Executive Officer (CEO) and report to Snap's Chief Strategy Officer Imran Khan, AdWeek reported on Saturday.
'Placed,' which helps advertisers track real-world purchases and store visits, was acquired by Snap to enhance 'advertising effectiveness', the report added.
"In June 2017, we acquired a component of a business from a social advertising software company that was integrated with our existing advertising platform and adds advertising tools and creative solutions to our advertising customers," the filing read.
Announcing financial results for the second quarter that ended June 30, Snap Inc had reported a loss of $443 million, with $181 million as revenue which was still below analysts' expectations of $186 million.
Snap has been hit by the growth of Facebook-owned Instagram 'Stories'.
It managed to add only seven million daily active users (DAUs) in the second quarter of 2017.
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