Snapchat has acquired mobile search engine application Vurb in a deal reportedly worth over $110m.
(CCM) — Navigation issues on Snapchat may soon be a thing of the past. According to new reports, the instant messaging application is in the closing stages of a multi-million acquisition deal with Vurb, a web and mobile contextual search app that organizes search engine results with information and services from relevant apps (such as Yelp, Fandango, and Google Maps) into a user-friendly stream that offers a holistic view of any search request without the inconvenience of toggling between apps. First reported by The Information, the $110 million acquisition will be a 75% stock, 25% cash deal, with a huge portion of the sum being allocated to the retention of Vurb employees. The agreement states that Vurb's founder and CEO, Bobby Lo, will receive about $75 million as part of a multi-year retention package. It is not immediately clear how Snapchat intends to integrate Vurb onto its platform, but there is wide speculation in the tech community that Snapchat will use Vurb's contextual search prowess to improve the overall user experience and address the navigation issues in its app.
The Vurb announcement is just one of a series of updates and improvements that Snapchat has announced this summer. Just last week, the company announced a multi-year deal with media conglomerate NBC Universal that will bring exclusive mini-versions of popular TV shows to the application early this fall. The app's new Memories feature was also launched earlier this summer.
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