ffVC portfolio company ThinkNear has been acquired by Telenav, a leading provider of mobile location-based services, for $22.5 million ($18.5 million in cash and $4 million in restricted stock and assumed options). Telenav specializes in personalized navigation, and will be launching “Scout Advertising” with the ThinkNear acquisition.
ThinkNear’s situational and hyper-local targeting technologies allow advertisers to reach users within 100 meters of any location with ads that “understand where they are, what they are doing, and what is happening around them.” Telenav’s Drive-To Advertising platform allows users to click on an ad and receive turn-by-turn directions to the advertiser’s business location. Due to the nature of the platform, Telenav is able to collect accurate ROI data.
Scout Advertising combines technologies to target mobile customers, deliver them to advertisers, and measure ROI.