Telenav, a provider of connected-car and location-based services, announced plans to accelerate its strategy to enable connected vehicles with location-based media and commerce through the transfer of assets associated with its Thinknear location-based digital advertising operations to inMarket Media, LLC, a leader in digital advertising for the physical world, in exchange for a minority equity interest in inMarket. The transaction is subject to customary closing conditions and is expected to be completed during Telenav’s fiscal quarter ending September 30, 2019.
Combining Telenav’s Thinknear business with inMarket will create one of the largest location marketing technology providers in the country, with a broad reach of clients across the automotive, quick-service restaurant, retail and consumer-packaged-goods industries, and a well-positioned innovator in the emerging connected-car media space.
Following the closing of the transaction, Telenav plans to work with inMarket to offer unique in-car advertising to consumers via automotive manufacturers. Telenav’s automotive expertise combined with inMarket’s advertising and content delivery technologies will enable location-specific offers to be delivered to drivers who arrive in the parking lot of virtually any major big-box retailer in the United States.