Verizon has sold mapping service MapQuest as the telecom giant continues to trim its media investments
Verizon has sold 13-year-old MapQuest for an undisclosed price to ad-tech firm System1. The sale of MapQuest was not material enough for Verizon to file paperwork.In August, Verizon sold blogging platform Tumblr to Automattic Inc., which owns Wordpress.Verizon has sold off MapQuest to Venice, Calif.-based ad-tech firm System1 for an undisclosed amount. Verizon acquired MapQuest through its $4.4 billion acquisition of AOL in 2015, and AOL acquired the company for $1.1 billion in 1999.
System1 helps advertisers acquire users through search platforms like Google, Bing and Yahoo, according to the company's website. The 6-year-old companyAccording to Verizon, System1 is acquiring MapQuest's website, mobile apps and enterprise business from the Verizon Location Technology arm. Verizon said it would still be involved in MapQuest by creating location products and providing some technical support for the mapping site, a Verizon spokeswoman said.
"We believe this is a great opportunity for the MapQuest brand, the first digital mapping site on the internet, and the millions of consumers who rely on it every day," Verizon said in a statement. "System1 plans to position, foster and grow the MapQuest brand as a more private alternative to other consumer mapping applications."
Last November, Verizon CEO Hans Vestberg reorganized the company into three groups: Verizon Consumer Group, Verizon Business Group, and Verizon Media Group. Then in December, Verizon disclosed in a Securities and Exchange Commission filing that it planned to write down the value of Oath by $4.6 billion.
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