YP, a US-based, local search, media and advertising company, has acquired Sense Networks, a US-based mobile advertising technology company which was founded by computer scientists from MIT and Columbia and backed by Intel Capital, the strategic investment arm of microprocessor maker Intel, venture capital firm Javelin Venture Partners and hedge funds. Terms of the transaction were not disclosed.
“We are excited to acquire Sense’s cutting-edge targeting technology and its talented team to deliver relevant local advertising to consumers who increasingly connect on mobile,” said David Krantz, chief executive officer of YP. “YP is the largest digital local advertising network in the U.S., generating more than $1 billion in digital ad revenue each year, with more than a third of that from mobile. With Sense’s technology, YP will be better positioned to improve and grow our mobile advertising leadership through enhanced targeting to consumers. We expect to continue to make technology acquisitions and plan to aggressively maintain and build on our mobile advertising leadership.”
This is YP’s first acquisition as a standalone company: it is majority-owned and backed by private equity firm Cerberus Capital Management.