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.