Tuesday, October 16, 2012

TeleNav Buys ThinkNear

Sunnyvale-based TeleNav, the developer of navigation and location-based advertising software, said today that it has acquired ThinkNear, a developer of hyper-local mobile advertising technology. TeleNav said it would pay $22.5M, split between $18.5M in cash plus restricted stock and assumed options, for ThinkNear (Local Merchant Services, Inc.). ThinkNear was venture backed by IA Ventures, Google Ventures, Qualcomm Ventures, Metamorphic Ventures, Real Ventures, ff Venture Capital, Zelkova Ventures, BoldStart VC, David Tisch and David Cohen, and had raised around $1.6M in a seed funding last year.