Palms-based geolocation software company MomentFeed Inc. has been acquired by Berlin-based software company Uberall, the companies said on June 15.
The price of the acquisition was not disclosed, but TechCrunch reported that Uberall, which also offers location-based marketing software, paid between $ 50 million and $ 60 million for MomentFeed.
Uberall also announced a $ 115 million funding round with participation from investors from London-based venture capital firm Bregal Milestone, New York-based growth capital firm Level Equity Management and United Internet Ventures, based in Germany. Uberall will use the funding to accelerate its growth in the United States and Canada.
Uberall said in the acquisition announcement that the combined companies will manage the online presence of 1.35 million commercial locations. The customer list includes London-based oil and gas company BP and fast food companies such as McDonald’s Corp., KFC Corp. and Pizza Hut.
“As we saw the market move towards consolidation, we looked at several potential companies to merge with,” MomentFeed chief executive Nick Hedges said in a statement. “Uberall was by far our favorite. This combination… helps accelerate our already rapid pace of innovation.
Hedges will lead Uberall’s North American business unit as chief strategy officer and executive vice president. MomentFeed will continue to operate from California, Uberall said in its press release.
“The combination of Uberall and Moment-Feed is helping us become the clear leader in the category,” said Florian Hübner, co-founder and CEO of Uberall, in a statement.
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