Snap confirmed it acquired Placed, a company focused on measuring store visits and offline transactions for advertisers, to improve its own Snap to Store tool, reportedly for more than $200 million.
Snap to Store, launched in the US in April, uses Snapchat’s location features to determine the increase in store visits after users view an ad campaign.
For example, US fast food company Wendy’s created a sponsored geofilter in a promotion which, according to Snap, drove more than 42,000 additional people to a Wendy’s location within seven days of viewing.
The company said advertisers will continue to leverage Snap to Store to gain insight into their Snapchat campaigns, while Placed will allow them to measure effectiveness for cross-platform campaigns.
Placed will operate independently with founder and CEO David Shim reporting to Imran Khan, Snap’s CSO.
Shim said Placed measured more than $500 million in media spend to store visits across thousands of campaigns, and the tie-up with Snap will see the company “do even more.”
“Placed’s goal continues to be the adoption of a common yardstick that can measure the offline effectiveness of advertising across multiple platforms and publishers,” he added.
Terms of the deal were not disclosed.
Snap said it is putting in place strict data-sharing, privacy and security guidelines to ensure separation of advertiser data between Snapchat and Placed.
The acquisition follows reports Snap acquired US-based drone manufacturer Ctrl Me Robotics, which could be a means for it to expand into hardware and diversify its revenue sources.