- Scout Advertising gives brick and mortar advertisers a unique ability to reach consumers within 100 meters of any location
- ROI is easily measured by whether or not customers then drive to the store
SUNNYVALE, Calif., Oct. 16, 2012 (GLOBE NEWSWIRE) -- TeleNav®, Inc. (Nasdaq:TNAV), the leader in personalized navigation, announced today that it has acquired Local Merchant Services, Inc., d.b.a. ThinkNear, a privately held hyper-local mobile advertising company located in Los Angeles, California, for consideration of $22.5 million, consisting of approximately $18.5 million in cash, plus restricted stock and assumed options. The acquisition, which closed on October 10, 2012, added ThinkNear's team of twelve employees, including its two co-founders, to Telenav's mobile local advertising group.
Telenav will combine ThinkNear's targeting technology with the existing Telenav Drive-To Advertising™ solution to create a new mobile local advertising platform called Scout Advertising™.
ThinkNear – Hyper-Local TargetingThinkNear helps advertisers reach consumers within 100 meters of any location, which is more precise than the zip code and designated market area (DMA) targeting typically offered by most ad networks. The ThinkNear network reaches tens of millions of customers across more than seven billion impressions per month. The precision and scale of ThinkNear allows advertisers to take advantage of the most distinctive aspects of mobile phones, which more than 85 percent of American adults now own. ThinkNear's targeting technology also enables Situational Targeting™, which takes into account where consumers are, what they are doing, and what is happening around them. For example, a sports memorabilia store can target an NFL fan with an advertisement for a nearby sale on branded jackets, blankets and umbrellas while the fan is tailgating on a cold and rainy day. Hyper-local Situational Targeting provides consumers with ads that are more relevant to their real-time needs and interests as they go about their day.