LOS ANGELES, Aug. 8, 2019 /PRNewswire/ -- inMarket, the leader in digital advertising for the physical world, today announced plans to acquire Thinknear, a premier provider of location-based services, from Telenav®, Inc. (NASDAQ: TNAV). The acquisition will have Thinknear's team and intellectual property join inMarket in exchange for Telenav receiving a minority equity interest in the fast-growing company. Following inMarket's 10 years of bootstrapped expansion and 89% year-over-year growth in Q2 2019, the combined business will roughly double headcount and revenue. The transaction is subject to customary closing conditions and is expected to be completed during the quarter ending September 30, 2019.
In today's current climate where a number of location companies have downsized or exited the media space, both inMarket and Thinknear have flourished with diversified, unique and effective product suites that clients embrace across a variety of verticals. Combining the Thinknear and inMarket businesses will create a marketing technology platform with clients across the automotive, quick service restaurant, retail, finance, healthcare and consumer-packaged goods industries. Longtime clients will gain new options to serve their needs via best-in-class managed as well as self-service platforms that lead performance benchmarks for ROI, viewability, and other measurement KPIs.
"Since Thinknear's founding days, we've been incredibly impressed with their reputation for industry-leading performance and accuracy. inMarket and Thinknear combined have almost two decades of successful location technology innovation, yet have tackled the opportunity of timing and targeting in very complementary ways. Combining these thriving solution sets allows us to further delight our clients and help them grow by consistently delivering high ROI consumer engagements," commented Todd Dipaola, Chief Executive Officer and Founder, inMarket.
The acquisition will allow Thinknear's clients to engage at the moment of truth through inMarket's 50 million Comscore-verified smartphone integrations. These direct connections enable brands to identify and engage consumers during multiple touchpoints of the purchase journey, including as they walk into any location in the US.
inMarket's Moments technology delivers real-time, premium engagements with customers at precise locations during consideration and decision. inMarket clients will gain access to Thinknear's place-based targeting and Geotype technology, which create valuable high-performing profiles around ideal customers based on location behavior. Thinknear's Geolink is an advanced self-serve dashboard that will give inMarket clients one of their most requested features-- the hands-on ability to launch campaigns themselves from trading desks.
All clients will also be able to tap into inMarket's industry-leading insights, long cited as an authority on U.S. consumer trends by WSJ, Bloomberg, Business Insider and more to quantify consumer retail trends down to the SKU level. The resulting technology powerhouse will give clients a 360 degree view of their customers' behavior, as well as their competitors'. As the dominant player in closed-loop activation and measurement today, inMarket continues to help the world's most successful brands continue to accelerate growth in the future.
Since 2010, inMarket has helped thousands of brands activate buying experiences and better understand customer behavior to prove campaign ROI. Using Comscore verified, real-time data from 50 million smartphone integrations, inMarket identifies and engages consumers at every stage of the shopping cycle and creates exciting experiences that drive ROI for the world's top brands. The company has offices in New York, Chicago, Bentonville, San Francisco, Atlanta and Los Angeles. For more information visit www.inmarket.com.
Telenav is a leading provider of connected car and location-based services, focused on transforming life on the go for people - before, during, and after every drive. Leveraging our location platform, we enable our customers to deliver custom connected car and mobile experiences. Fortune 500 advertisers and local advertisers can now reach millions of users with Telenav's highly-targeted advertising platform. To learn more about how Telenav's location platform powers personalized navigation, mapping, big data intelligence, social driving, and location-based advertising, visit www.telenav.com.
About Thinknear by Telenav
Thinknear is a location-based mobile marketing platform that connects people and brands in the moments that matter. It drives accuracy and performance for mobile marketers through large-scale, high-quality data applied with a human touch. With full-service and self-service solutions, it offers insightful planning, targeting, optimization, and measurement capabilities for businesses and brands of all sizes.
Contact: Dave Heinzinger, Dave@haymaker.co