Foursquare Labs Inc., the company that became famous for launching a social network and that now provides its gigantic database to other companies has just made its first purchase .
And with this purchase, Foursquare will strengthen its position in this market. The company they have acquired is Placed, a company that belonged to Snap Inc and which is specialized in measuring the effectiveness of advertising following the movements of its users.
Placed CEO acknowledges that he "envied" Foursquare
Although we do not know the exact terms of this agreement, what has been made public is that the CEO and founder of Placed (David Shim) from now on he will be the president of Foursquare.
Precisely, David Shim signs an entry on the Placed blog, entitled "last letter as CEO of Placed, first letter as president of Foursquare".
Shim states that "although the adoption of Placed exceeded their expectations, there has always been a competitor that I have envied from a distance . They hold the same principles as Placed. "
The company that Shim refers to is Foursquare, and says that "it is excited to announce that Placed joins Foursquare to offer the most complete and independent technology in the localization technology industry".
Placed arrived in 2011 and, according to data from Crunchbase, managed to raise 13.4 million dollars before being acquired by Snap Inc. in the year 2017.
Thanks to this acquisition, Placed will now be able to access to the Foursquare map, which currently has 105 million places of interest in 190 countries.
For its part, the CEO of Foursquare (Jeff Glueck) made it clear that Foursquare and Swarm applications are not the company's main priority. It makes sense, since 90% of your profit comes from the business side of your business.