HootSuite CEO Ryan Holmes said that the acquisition was part of the company's plan to enhance its analytics offerings
The Vancouver tech company makes its first acquisition since its $165-million raise last year
HootSuite announced this morning that it has acquired uberVu, a Boston-based social media analytics company. HootSuite has not disclosed the terms of the deal.
It’s the company’s first acquisition since it raised $165 million last August, in what was Canada’s biggest venture capital investment in a software company ever. At the time, HootSuite VP of corporate development Matt Switzer, said the company planned to, “evaluate possible strategic acquisitions”
HootSuite has yet to put a figure on the deal, but as 22-employee UberVU has raised no more than half a million–back in 2009 at that–its unlikely that HootSuite had to dig deep into its VC war chest.
UberVU will continue as a standalone service, although its product and customers will be integrated into HootSuite over the coming months.
In its fourth quarter results released last week, HootSuite offered few clues as to its performance, except that revenues are up 110 per cent and that it made 400 hires through 2013.