Telenav Acquires ThinkNear to Launch Scout Advertising
October 18, 2012
Consumer location-based services company Telenav (NASDAQ: TNAV) has acquired New York TechStars grad ThinkNear for $22.5 million to launch a location-based mobile advertising platform called Scout Advertising. The purchase price consists of $18.5 million in cash, plus restricted stock and assumed options. ThinkNear, which focuses on Situational Targeting technology for hyper-local mobile advertising, netted $1.63 million of Series A funding led by IA Ventures in July 2011, with a slew of additional VC investors contributing.
