Snap Stock Rises 3% as Firm Acquires Location Data Startup StreetCred
Jan 12 2021 · 13:29 UTC by Steve Muchoki · 3 min read
Photo: Unsplash
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Although Snap did not disclose the financial side, it is expected that StreetCred will shut down its platform as part of the acquisition deal.
Snap Inc (NYSE: SNAP) stock jumped 3.13% on Monday to close the day trading at $54.38. Meanwhile, SNAP shares were up approximately 1.25% during Tuesday’s premarket. The spike is attributed to news that Snapchat’s parent company Snap has inked a deal to acquire a New York City startup building a platform for location data StreetCred.
Snap Purchases Digital Mapping Company StreetCred
Snap will take on four of the company s team members, including co-founder Randy Meech and Diana Shkolnikov.
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Snapchat parent company Snap Inc (
SNAP) - Get Report confirmed Monday afternoon it had purchased StreetCred, a New York City-based location data startup.
The acquisition, terms of which were not disclosed, will result in four StreetCred team members, including co-founders Randy Meech and Diana Shkolnikov, joining Snap, where they will work on map and location-related products, Snap confirmed to TechCrunch.
The biggest project the foursome will work on will be the strategy of the Snap Map, which allows users to view public snaps from a given area and to share their location with followers.
Snapchat’s parent company Snap has acquired StreetCred, a New York City startup building a platform for location data. Snap confirmed the news to TechCrunch and said the acquisition will result in four StreetCred team members including co-founders Randy Meech and Diana Shkolnikov joining the company, where they’ll be working on map and location-related […]