Verizon sells mapping service MapQuest for an undisclosed price to System1

System1 helps advertisers acquire users through search platforms like Google, Bing, and Yahoo, according to the company's website

Verizon sells mapping service MapQuest for an undisclosed price to System1
Verizon sells mapping service MapQuest for an undisclosed price to System1

Verizon sells mapping service MapQuest for an undisclosed price to System1

Wireless telecommunication firm Verizon has sold the 23-year-old MapQuest for an undisclosed price to the ad-tech firm System1, Business Insider reported. Verizon acquired MapQuest through its $4.4 billion acquisition of AOL in 2015, and AOL acquired the company for $1.1 billion in 1999. Verizon said it did not file paperwork on the sale because the sale amount was not material.

System1 helps advertisers acquire users through search platforms like Google, Bing, and Yahoo, according to the company's website. The 6-year-old company has raised $270 million. According to Verizon, System1 is acquiring MapQuest's website, mobile apps, and enterprise business from Verizon's 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."

In 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. Verizon owns HuffPost, TechCrunch, Yahoo, and Build. Verizon recently sold the blogging website Tumblr to WordPress owner Automattic Inc. for less than $20 million, according to Axios.