Snap spent $348 million on two location companies, added two mystery acquisitions

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Snap Inc.












SNAP, -14.09%










spent $348 million to acquire two companies this past quarter as it pushed into the location-mapping field. Snap bought Zenly, a social mapping app, for $213 million in cash in May and $135 million in cash for Placed, an ad-tech company that offline purchases, according to the company’s 10-Q filing released Friday. Management said on the earnings call that the Placed acquisition would be reflected in next quarter’s earnings. According to the filing, Snap also acquired part of a business from a “social advertising software company” for $62 million in June and bought all outstanding shares of a “company that operates a cloud hosted platform for building content online,” but it did not name the companies. Shares of Snap were sinking 13% Friday, a day after the company missed second-quarter earnings expectations. The stock is on track to close at a record low Friday.

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