Near Acquires UM to Expand Global Reach and Data Capabilities

Near, a prominent data intelligence firm, has announced the acquisition of UM, another key player in the data sector.

This strategic move mirrors Near’s previous acquisition of Teemo last year. Similar to the Teemo deal, which facilitated Near’s expansion into the European market – with Teemo’s founder and CEO, Benoit Grouchko, assuming the role of Near’s chief privacy officer – CEO Anil Mathews stated that this latest acquisition will establish a significant presence for Near in the United States.

Strengthening Global Presence and Localized Products

Mathews envisions the company evolving into a “truly global organization.” The integration will also enable Near to refine its product offerings, providing “local flavors” tailored to the specific needs of each country.

With the addition of UM’s 60-person team, Near’s total workforce now numbers approximately 200 employees. Gladys Kong, formerly CEO of UM, will now serve as CEO of Near North America.

Complementary Data Sets and Unified Consumer Profiles

Beyond geographical expansion, Mathews emphasized the complementary nature of the data provided by Near and UM. This synergy will allow both organizations to offer expanded services to their existing client base.

Near’s core mission is described as “merging two diverse worlds, the online world and the offline world.” The goal is to construct a comprehensive consumer profile for marketers and various businesses. UM’s expertise lies particularly in the offline realm, specializing in location data.

Leveraging Location Data for Pandemic Recovery

“UM possesses a deep understanding of locations, having perfected the analysis of foot traffic and dwell times,” Mathews explained. “Consequently, much of UM’s growth is occurring in sectors like tourism, retail, and real estate – industries currently navigating the challenges posed by the pandemic, and utilizing data to strategize their recovery.”

Readers of TechCrunch may recognize UM by its previous name, UberMedia. The company initially developed social applications such as Echofon and UberSocial before transitioning its focus to ad attribution and location data.

Strong Performance in 2020 and Strategic Rebranding

Gladys Kong noted that, despite initial concerns, the company experienced “an amazing 2020” as businesses increasingly recognized the value of UM’s data. Its clientele includes organizations like RAND Corporation, Hawaii Tourism Authority, Columbia University, and Yale University.

The connection with Near was established as both companies identified significant “synergies.” Kong recalled that UM’s recent rebranding was partially influenced by a suggestion from Mathews: “He questioned the inclusion of ‘media’ in our name, given our shift away from media-related services.” The company subsequently changed its name to better reflect its core business.

Funding and Acquisition Details

Founded in 2010, UM secured a total of $34.6 million in funding, as reported by Crunchbase. The financial specifics of the acquisition have not been publicly disclosed.