Tuesday, June 21, 2016

Verve Buys Roximity, Raises $30M In Debt

Verve, a provider of location-based advertising technology which has operations in San Diego, said this week that it has acquired wireless beacon startup Roximity, and raised $30M in a debt funding. Financial details of the acquisition were not announced. The debt funding came from Silicon Valley Bank. According to Verve, a portion of the debt went towards the acquisition. Roximity develops Bluetooth-based beacons, which are used by retailers and marketers to better track consumers in retail locations. Roximity was based in Colorado.

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