Mobile search company Poynt has acquired the local advertising publishing platform assets of Go2 Media.
The latter raised $3 million back in July 2009, and lists General Catalyst, Borealis Venture Partners, Lighthouse Capital Partners and Hancock Technology Partners as investors.
Poynt says it acquired all source code, related documentation and all of Go2’s transferable publisher and advertiser agreements related to the monetization or distribution of location advertising, for a purchase price of only $450,000.
Go2 Media is led by CEO Dan Smith, former SVP of Product and Operations for 80108 Media, a local SMS business that merged with Go2 in 2007.
Poynt points out that the company’s ad publishing operations are producing revenue, and says it aims to leverage its position in the local advertising space to accelerate the revenue growth.
The business line will be led by Matt Kojalo, who Poynt recently hired as VP of Global Advertising Solutions.
Says Andrew Osis, chief executive of Poynt:
“This transaction provides us the opportunity to expand our business from an app with publishing capabilities into an ad publishing platform with the ability to publish to multiple mobile applications. This clear and direct route into ad publishing provides yet another revenue stream for the company.”