Telenav has announced plans to accelerate its strategy to enable connected vehicles with location-based media and commerce through the transfer of assets associated with its Thinknear location-based digital advertising operations to inMarket Media, LLC, a leader in digital advertising for the physical world, in exchange for a minority equity interest in inMarket. The transaction is subject to customary closing conditions and is expected to be completed during Telenav’s fiscal quarter ending September 30, 2019.
Combining Telenav’s Thinknear business with inMarket will create one of the largest location marketing technology providers in the country, with a broad reach of clients across the automotive, quick-service restaurant, retail and consumer packaged-goods industries, and a well-positioned innovator in the emerging connected-car media space.
Following the closing of the transaction, Telenav plans to work with inMarket to offer unique in-car advertising to consumers via automotive manufacturers. Telenav’s automotive expertise combined with inMarket’s advertising and content delivery technologies will enable location-specific offers to be delivered to drivers who arrive in the parking lot of virtually any major big-box retailer in the United States. No other connected-car technology company has deployed such capabilities.
“Our strategic transaction with inMarket will drive incremental value for both automotive manufacturers and consumers,” stated HP Jin, Chairman and CEO of Telenav. “We are excited that Thinknear will be under the strong leadership of inMarket, which includes a team of proven and highly successful entrepreneurs. This move leverages the expertise of both businesses and offers connected-car drivers a superior in-car advertising experience. The combined business will continue to focus on the location-based mobile advertising sector as well as developing new location-based advertising in connected-cars. We look forward to a long-term, mutually beneficial relationship with inMarket.”
“Since Thinknear’s founding days, we have been incredibly impressed with their reputation for industry-leading performance and accuracy. We are thrilled to join forces with Telenav on new in-car connected commerce opportunities. The advent of millions of connected vehicles, as well as the future of autonomous vehicles, creates exciting new media opportunities,” commented Todd Dipaola, Chief Executive Officer and Founder of inMarket.