The deal will be in 75 percent stock and 25 percent cash
The image messaging and multimedia mobile application Snapchat is planning to buy Vurb, a search app that gives suggestions and results tailored to what one care about.
According to a report in The Information, Snapchat is in the final stage of talks with Vurb for a deal which is expected to be around $110 million. The 75 percent stock and 25 percent cash deal also include a $75 million retention offer to Vurb founder and CEO Bobby Lo.
Founded in 2011 by Bobby Lo, is a search app that goes beyond mere search. It helps easily find, save, and do the best things by connecting community recommendations, rich content, and useful services — personalized in one simple app.
Vurb gathers relevant search information from various apps like Google map, Netflix, Uber, and Rotten Tomatoes and presents in the form of cards. These cards can also be shared with friends. Recently, Vurb updated its app with personalized recommendation features added a feature that delivers relevant news to the users.
Backed by Redpoint Ventures, Tencent, Marc Benioff, and Dropbox CEO Drew Houston, the San Francisco-based startup won TechCrunch’s Disrupt NY 2014 Startup Battlefield competition.
Vurb launched it’s iPhone app in early 2015 and was quickly named a “Best New App” by Apple and TIME. In quick succession, Vurb developed an Apple Watch companion app, then in August 2015, launched an app for Android and added Vurb chat.
Tech Crunch reported that Snapchat may use Vurb to help users make plans with friends and Vurb’s news delivery may also be integrated into Snapchat.
The officials of both the companies have not made any comment on the deal.