THE NEWS WRAP: Twitter snaps up ad tech firm Tap Commerce for close to $100 million

Twitter has acquired advertising technology firm Tap Commerce for a price in the region of $100 million, sources have told Re/code.

 

The New York company is in the business of “re-targeting”, that is it convinces customers to return to the mobile apps they have downloaded.

 

Its clients include Fab and eBay.

 

In an announcement confirming the deal, but not the price, TapCommerce says nothing will change for its existing customers, but joining Twitter will enable the company to dedicate more resources to developing its product and expanding its services.

 

Google to shutdown Orkut

 

Orkut, Google’s first foray into social networking, will close on September 30, a decade after its creation.

 

Google says the decision comes due to the growth of YouTube, Blogger and Google+ communities, which have outpaced that of Orkut, and closing down Orkut will allow it to focus more energy and resources on those social platforms.

 

Google says it will preserve an archive of Orkut’s public communities.

 

MapR raises $110 million

 

MapR Technologies, which provides an enterprise Hadoop distribution used for marketing, operations and security has announced it has raised $110 million in funding led by Google Capital, Qualcomm Ventures and previous investors.

 

Overnight

 

The Dow Jones Industrial Average is down 25.24 to 16,826.60. The Australian dollar is currently trading at US94 cents.

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