Snapchat is perhaps one of the newest of the social media giants to gain mass appeal. Not just with consumers who love using the app to make pretty flower crown selfies and transform their face into a puppy – but also for brands - Snapchat offers a place to get more intimate with consumers. Snaps about products, demos and reviews are wildly popular among other marketing tactics on the app.
The latest move from the social media cool guy is the purchase of a company called Vurb. This is a social search company that offers a platform for people to search, socialize and find places and things to do around them. It’s been around for about 5 years or so but never really latched on with people who use other options when they need to find things to do and ideas for places to go.
The deal is reported to be for $200million and will be split among investors and as retention for company employees. This employee retention is key because it’s reportedly a reason behind Snapchat’s decision to buy the company.
Inc.com quoted someone familiar with the matter as stating the employees from Vurb were of key importance in the deal and retaining them was a must.
The company also has well known financial backers including Tencent, Redpoint and CEOs from both Dropbox and Salesforce.
It will be interesting to see how Snapchat utilizes the employees or the tech behind Vurb to take its social platform to the next level. It has continued to impress users and grow a following from celebrities to consumers and brands.
If they do indeed leverage what Vurb has built there is lots of room for marketers to make their way into the app and in the local search and recommendation areas to guide consumer purchases.