Snap financial documents confirm its acquisition of social maps app Zenly for $213M
Snap took a beating yesterday in its Q2 earnings, but in the midst of the disappointing financials and user growth numbers, the companys 10-Q SEC document filed today also confirms that it purchased social maps app Zenly for $213 million, as TechCrunch first reported.
After Snapchat rolled out its location-sharing Snap Map feature in June, many were quick to point out the interface similarities to Zenly, a Paris-based startup which lets teens keep tabs on what their friends are up to and where they are. It turns out Snap hadnt blatantly copied them for Snap Map, but had, in fact, acquired the team them while allowing the company and its app to operate independently.
SEC documents not only detail the $213.3 million acquisition price for Zenly, but also that the company paid $135.2 million for an advertising measurement services company.
Additionally the document discloses that Snap spent $62.1 million acquiring a component of a business from a social advertising software company as well as a startup that operates a cloud hosted platform for building content online.
Snap is taking a beating after missing investor expectations with the stock currently down more than 14 points.