SEC Documents Confirm Snap’s Acquisition Of Zenly
Recent Snap Inc. financial documents have indicated that the company did, in fact, acquire social maps app Zenly in late May this year.
Rumors of the acquisition made headlines across various tech publications, but nothing was actually confirmed. As Snap announced their meager Q2 earnings last week, the company also released their 10-Q SEC documentation, confirming the purchase of Zenly for $213 million.
Snap rolled out their Snap Map feature in June and many astute observers were quick to point out similarities to Zenly. Zenly is a Paris-based startup that allows users to keep tabs on what their friends are up to and where. Privacy concerns aside, it seemed like Snap had essentially copied Zenly. Perhaps the company was angry at Instagram for copying their own features in the form of stories, but in reality Snap had purchased Zenly and integrated their technology into Snapchat.
Zenly was still allowed to operate independently, but Snap took quick advantage their access to this new technology and adopted it within a month following the initial acquisition rumors.
There were actually a couple other Snap Inc. acquisitions listed in the SEC filing as well, but they were not named. They included an “advertisement measuring services company” and “cloud hosted platform for building content online.”
Snap has had a rough go of it lately, reporting unspectacular revenues in the last two quarters and seeing share prices drop five dollars below their IPO price of $17.