Location data verification company Location Sciences (AIM:LSAI) announced on Tuesday that it had secured a contract with US consumer intelligence company InMarket, for its Verify Audience platform.
The company states that its Verify Audience product is a, “proprietary verification platform, offering independent, media-agnostic analysis and authentication of the accuracy and quality of location-targeted advertising data”, which enables brands, agencies and suppliers to check the validity of location based derived audience segments via a review of historical movements.
Location Sciences said that the product gives it access to the audience segment industry, which it deems a significant part of the location-based advertising market.
The partnership will allow InMarket customers to reach their target audiences, with the audit process analysing the source, quality and accuracy of location data, to verify its suite of up to 1,000 location derived audiences.
Commenting on the contract announcement, Location Services CEO, Mark Slade, commented:
“We are delighted to announce this partnership with InMarket so soon after the launch of our Verify Audience platform in the US. Location data used to build audiences in ad-tech can be extremely valuable, but it can be very difficult for buyers to differentiate the best from the worst data. The fact that InMarket has grasped the opportunity to take the lead in the marketplace when it comes to transparency is a testament to its business and data quality. It is clear that buyers are becoming more aware of the vast differences and nuances in location data, and we expect other agencies and suppliers to follow suit in the coming month.”
Following the news, Location Services shares rallied 17.96% or 0.084p, to 0.55p per share 01/09/20 08:24 BST. This is far short of its year-to-date high of 1.88p near the end of January.