Once considered one of the hottest startups in the DC tech community, mapping technology startup SocialRadar has been acquired by Verizon.
SocialRadar was the brainchild of former Blackboard CEO Michael Chasen, and the social mapping app launched in 2013 with technology that promised to not only take you to where you needed to be, but also be able to take you to a specific door in a building. It was seen as revolutionary as it launched with lavish launch parties in both Philadelphia and D.C.
"We started by talking about a partnership," Chasen told DC Inno in an interview. "The acquisition makes the synergy even stronger."
Now, over a year after layoffs and major staff turnovers, Verizon has purchased the company for an undisclosed amount. The company will use SocialRadar's technology to build up its MapQuest technology (remember them?). Recently, MapQuest has been focusing more on B2B technologies.
"MapQuest will be integrating our tech all over. How cool is that?" Chasen said.
The years following SocialRadar's 2013 launch are marked with shifting company missions — like its shift from consumer tech app to software development kit — and with layoffs and staff turnovers. Shana Glenzer, a well-known leader in DC Tech, departed the company for Aquicore. And the software engineers of Gridskippr all joined SocialRadar together after being acquired by the company and then left together to start their own company, Parkour Method.
TechCrunch first reported the deal Wednesday night. Chasen told TechCrunch he had considered multiple options for acquisition and that SocialRadar will keep its DC offices. The team has already started working closely with multiple people at AOL, which is owned by Verizon, he said.
SocialRadar previously raised a $12.75 million seed round in June 2013 led by Growth Tech Ventures and New Enterprise Associates.
