In a recent declaration, Appen – the global AI-assisted data annotation platform – has announced that it will acquire a 100% stake in Quadrant – a provider of mobile location data.
Quadrant will merge with Appen’s global network of over one million users in 170 countries, making Quadrant’s flagship Geolancer platform the industry-leading POI platform. Using blockchain technologies as the underlying framework for Quadrant’s solutions can significantly expand the market reach of all of Appen’s products across multiple industries, allowing the company to exploit new opportunities to leverage industries already encompassed like retail, courier services, advertising, e-commerce platforms, charting companies and many more.
The Geolancer Quadrant’s app is best known for its blockchain-based location data platform that allows users – dubbed Geolancers – to record, verify, and mark data on physical points of interest and other locations. The app rewards users with native EQUAD cryptocurrency through instant payments, making it a very engaging service that has already added over 180,000 POI data points to maps in seven Asian countries. Southeast since May 2021 only.
The acquisition resulted in an initial cash payment of $ 25 million from Appen. The deal also includes a potential additional payment of around $ 20 million in Appen shares. These will only be issued if the acquisition proves to be sufficiently valuable when the income milestones set for 2022 and 2023 are reached.
“The acquisition of Quadrant allows Appen to expand our addressable market and expand our product and service offering to our customers to include more mobile location capabilities and POI data. We already have the broadest AI training data offering in the industry, and we see an opportunity to grow in the mobile location and POI data space. With Quadrant’s Geolancer and our global customer base, we will be well positioned to meet customers’ demands for scale, speed and quality, ”said Mark Brayan, CEO of Appen.
Appen also announced that the acquisition will strongly position the company in the hotly contested and demanded mobile data market, leveraging Quadrant’s 450 million monthly unique device visits and low-frequency delivery times of approximately 5 minutes.