Snap Inc.'s financial documents reveal that the company has acquired social maps app Zenly for $213million. Snap had reported earlier this week that its revenues in the first and second quarter of 2017 were not promising enough.
Snap revealed the location sharing feature Snap Map on its social networking app Snapchat in June 2017. Several users had pointed out that the feature's interface was very similar to that of social maps app Zenly. Contradicting with earlier speculations that Snapchat had simply copied the interface for its new feature the new report confirms that Snap Inc. had indeed purchased Zenly.
Zenly is a start-up based in Paris that actually developed the social maps app which allows users to keep a track of the location of their friends. Zenly still operates independently.
Reports are that not only Snap coughed up $213 million for acquiring Zenly but it also paid $135.2 million for an "advertising measurement services company." Snap's financial documents also reveal that the company spent $62.1 million for 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's stocks are down more than 14 points and it is indeed having a hard time by not meeting investor's expectations. Recently a financial report regarding the sale of Snap Spectacle was also revealed which states that Snap made $5.4 million in the second quarter from the gizmo. There was a 35% downsize in the sales as compared to first quarter of 2017.