GPS navigation company Telenav has acquired Los Angeles-based ThinkNear, a hyperlocal mobile ad startup, for $22.5 million. Telenav will fold ThinkNear into a new mobile local advertising platform called Scout Advertising. The platform will enable retail stores, restaurants and other businesses to advertise to targeted audiences. Scout Advertising purports to get the targeting down to within 100 meters of a location. Telenav users will be guided with turn-by-turn directions to the advertising business, which will be key for measuring ROI. (GigaOM, AndroidGuys)
Network
