Friday, August 11, 2017
Snap's Price Tag For Zenly: $213.3M
Los Angeles-based Snap Inc. paid $213.3M in cash for Zenly, the developer of a location-based social media app, in May, the company disclosed in its quarterly results on Thursday. Snap said it paid $196.1M in purchase consideration, including $186.8M in cash paid to sellers, $9.3M in liabilities due to sellers, and $17.2M in total consideration representing compensation for future employment services. Earlier reports had placed the acquisition of Zenly at between $250M to $350M.