Microsoft invests $15M in Foursquare, inks licensing deal for location-based data
The new Chief Executive Officer (CEO) of Microsoft comes with a new deal with Foursquare to boost the mobile app and strengthen ties between the two firms. Microsoft poured $15 million into Foursquare and struck a licensing agreement to use the app's location-based data, according to Adweek.
Foursquare chief Dennis Crowley had closed new investment for the company late last year. The social network raised $35 million to bring its total raised capital to over $100 million since 2009, the report detailed.
Foursquare announced today: "Microsoft is licensing our places database for use in their products and services."
This kind of deal is seen as the main turning point for Foursquare in becoming more than just a location and recommendations-based software, the report noted.
Microsoft also introduced Satya Nadella as the company's new CEO to replace Steve Ballmer. Nadella had been with the company for 22 years and most recently headed the cloud and enterprise unit. In addition, Bill Gates resigned as the chairman of the board, with board member John Thompson taking his place. Nadella was instrumental in integrating Skype when Microsoft acquired it in 2012, Adweek reported.