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Foursquare to buy Placed from Snap

Location technology company Foursquare Labs Inc. struck a deal to buy Placed Inc. from Snap Inc.

Placed provides location-driven data and mobile advertising information. Foursquare intends to add Placed to its bundle of location-based offerings, according to a May 30 blog post.

Foursquare said the deal will "close shortly." The company did not disclose a purchase price in the post.

David Shim, founder of Placed, will join the executive team of Foursquare as president of the company.

The deal comes as Foursquare secured $150 million investment from a group of investors led by Raine Group LLC.