inMarket, a leader in digital advertising, announced plans to acquire Thinknear, a premier provider of location-based services, from Telenav®, Inc.
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 per cent 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 delight our clients further 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 behaviour. 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’ behaviour, 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.