Foursquare has merged with information-sharing startup Factual to position itself as a leader in the location discovery tech market.
The fusion of the tech companies, which were both created in 2008 and launched in 2009, is slated to generate more than $150 million in revenue and will amplify Foursquare’s presence in 20 global markets across brands, advertisers, publishers and agencies.
Gil Elbaz, CEO and founder of Factual, said in a blog post that becoming the “undisputed independent industry leader” in point-of-interest data for companies worldwide grants Foursquare “the responsibility (and privilege) of driving the market forward—from enacting safeguards to protect consumer privacy, to setting the standard for data quality and accuracy, to innovating new possibilities and use cases for location.”
Elbaz will join Foursquare co-founder Dennis Crowley in serving on the executive team and board of Foursquare, while David Shim will remain as CEO of the social networking platform.
The merger follows Foursquare’s acquisition of Placed from Snap, Inc. That package deal not only came with hundreds of media and Fortune 100 partners to take over, but it also eliminated the foot traffic measuring tool rivalry between Placed and Foursquare’s Attribution and seated Placed founder and CEO David Shim as the head of Foursquare.
With the tech from Placed and now Factual, Foursquare hopes to “establish the standard in location for the next decade, allowing our clients to accelerate the adoption of location technology as a must have in their day to day business operations,” Elbaz said.
When combined, Factual and Foursquare’s location data is integrated or accessible within platforms representing more than 80% of all programmatic ad spend, according to Elbaz’s blog post. Foursquare’s partners and customers will now be offered a robust product portfolio that provides highly scalable audiences, offline attribution, point-of-interest data and developer tools that enable companies to analyze insights and optimize their marketing decisions.
The “new Foursquare” will have datasets that span more than 500 million devices globally, more than 105 million points of interest across 190 countries and 50 territories, over 14 billion user confirmed check-ins and a community of over 200,000 developers leveraging Foursquare’s geo-contextual tools.