Snap Inc acquires location analytics startup for $200 mn

San Francisco, June 6 (IANS) Snapchat's parent company Snap Inc has acquired Placed -- a Seattle-based start-up that operates a consumer location analytics platform -- for nearly $200 million.

According to a report in GeekWire on Tuesday, the deal is one of Snap's most expensive acquisitions.

"Over the past 12 months, Placed has measured more than $500 million in media spend to store visits, across thousands of campaigns and hundreds of partners, cementing Placed as the leader in location-based attribution," David Shim, CEO and co-founder of Placed wrote in a blog post.

He said that by partnering with Snap, the company "will do even more".

Snap operates the popular Snapchat app, which counts 166 million daily users that use the app more than 18 times per day.

The tech giant has acquired more than 10 startups since it was established and recently bought a drone maker and paid more than $110 million to acquire mobile search app Vurb.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)