Snap monetary paperwork verify its acquisition of social maps app Zenly for $213M

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Snap monetary paperwork verify its acquisition of social maps app Zenly for $213M

Snap took a beating yesterday in its Q2 earnings, however within the midst of the disappointing financials and consumer development numbers, the corporate’s 10-Q SEC doc filed as we speak additionally confirms that it bought social maps app Zenly for $213 million, as TechCrunch first reported.

After Snapchat rolled out its location-sharing Snap Map function in June, many have been fast to level out the interface similarities to Zenly, a Paris-based startup which lets teenagers maintain tabs on what their pals are as much as and the place they’re. It seems Snap hadn’t blatantly copied them for Snap Map, however had, in reality, acquired the group them whereas permitting the corporate and its app to function independently.

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SEC paperwork not solely element the $213.three million acquisition worth for Zenly, but in addition that the corporate paid $135.2 million for an “promoting measurement providers firm.”

Moreover the doc discloses that Snap spent $62.1 million buying “a part of a enterprise from a social promoting software program firm” in addition to a startup that operates a “cloud hosted platform for constructing content material on-line.”

Snap is taking a beating after lacking investor expectations with the inventory at the moment down greater than 14 factors.