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Foursquare merges with Factual; location data tracks social distancing
Mateen Dalal April 7, 2020 Business
Foursquare is contemplating a merger with Factual Inc., a data location provider as the new company is said to have a combined revenue of around $150 million per year. That said, details of the transaction have not been disclosed.
For the record, Foursquare is a location-centered social network where end-use customers could check in at various places and share the data to earn badges. The company has become a marketing and advertising platform which uses location data as its principal differentiator.
It is worth noting that the platform of Foursquare is based on its pilgrim technology as the company believes it to be more accurate vis-à-vis location data service. The company is believed to host a back-end platform for publishers and brands to cash in on the data, such as a software development kit and an application programming interface.
According to reports, Foursquare can be used by clients to provide location-contextual experiences to customers. For instance, Uber Technologies Inc., is believed to use Foursquare's software so customers can type in the name of a store where they want to be picked up and address on the map will automatically be detected.
David Shim, CEO of Foursquare is quoted to have said that the two companies provide similar services and capabilities. He went on to claim that the audience data of Factual outperforms Foursquare. The CEO also said that Foursquare has the edge when ad effectiveness, app developer tools and attribution come into question.
Even though location data is being used for offline attribution and audience segmentation, it is believed to have become a pivotal equipment to keep an eye on the impact of social distancing given the pervasive COVID-19 virus.
Following the merger, Shim will occupy the role of the CEO, while the CEO and Factual founder Gil Ebaz will be seen in BoDs and executive team. The new company will function in the name of Foursquare.
Source credit:
https://siliconangle.com/2020/04/06/foursquare-merges-factual-create-location-data-powerhouse/
Mateen Dalal
An electronics & telecom graduate by qualification, Mateen Dalal has garnered quite some experience in his core field, having worked as a quality and test engineer. Following his passion for writing however, he currently develops valuable content for sdf-kh.org and numerous other portals.
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