Yahoo announced on Tuesday they’ve agreed to acquire local online search and advertising technology company, Whereonearth. In an effort to build and capitalize on the local market, believed to be the prime area of growth for internet advertising, Yahoo will add to their already sizeable venture.
The Yahoo Blog said, “Whereonearth’s very talented team of software engineers and Geographic Information Systems (GIS) experts have worked hard to develop sophisticated technology that contains a unique combination of global data and software algorithms that make local search possible. Together, we’ll be able to provide the most geo-relevant information across all of Yahoo!’s products and services.”
As all of the big portal companies look for ways to tap the local search ad industry, Yahoo has made a strong push. With companies like Google looking into print classified ads, this is a different route but one that could prove to be quite lucrative, particularly after Yahoo’s sensational third quarter earnings report. It shows they’re on a roll.
Dev Patel, CEO of Whereonearth said, “The Whereonearth team, along with our primary investors, Elderstreet Capital Partners, are very excited to announce that Yahoo! and Whereonearth have signed an agreement for the acquisition of Whereonearth by Yahoo!. I look forward joining the Yahoo! team to work together to provide users and advertisers with the most geo-relevant information available today.”
“Elderstreet has always believed in the value of filtering and personalizing online content by reference to location. We firmly believe that the combination of Whereonearth’s technology and Yahoo!’s global reach provides a compelling solution to the challenges of local search and advertising,” said Paul Frew, a partner at Elderstreet Capital Partners and lead VC in Whereonearth.
John Stith is a staff writer for murdok covering technology and business.
