Hootsuite launches social platform, raises $35 million

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By Tequia Burt 

Hootsuite is having a busy day. The company announced that it has acquired marketing services company BrightKit and has already integrated its technology to develop a new social marketing gamification platform. On top of that, The Wall Street Journal reported the Hootsuite has also snagged a $35 million investment.

Hootsuite wasted no time in launching a platform built from BrightKit’s technology. The platform, dubbed Hootsuite Campaigns, lets marketers create more than 13 types of different social contests, sweepstakes and galleries that are measurable across embeddable microsites, Facebook and mobile devices. It is integrated with Hootsuite’s central dashboard, so businesses can monitor campaigns, engage with customers and build lists from a single location.

“Organizations are looking for new and exciting ways to engage their audience,” said Ryan Holmes, CEO of Hootsuite, in a statement. “Hootsuite Campaigns extends our social marketing capabilities, allowing businesses to reach new audiences through engaging contests, sweepstakes and galleries, all managed from their Hootsuite dashboard.”

While financial terms of the acquisition were not disclosed, the company took the opportunity to tout recent accomplishments, including passing the 10 million-plus users mark in more than 175 countries and landing multiple new enterprise customers across a range of industries. Hootsuite also now has more than 600 employees, which is massive growth considering it only had 250 two years ago.

All these moves must be impressing investors because the company landed $35 million from Fidelity Investments, according to the Journal. The financing gives Hootsuite an implied value of close to $800 million, up from about $725 million previously, the Journal said. The infusion of cash gets the company closer to its ultimate goal of going public, an anonymous source told the Journal.

“We’re seeing explosive growth across all regions,” Holmes said. “Our teams are focused on rolling out a number of new product offerings, have plans to open operations in Latin America, and will hire an additional 100-plus roles by the end of 2014.”

For more:
-See this and this Hootsuite blog post
-See this WSJ article

Related stories:
Hootsuite rebrands, rolls out new content discovery tool
Hootsuite-Marketo integration can help B2B marketers boost social lead-gen efforts
HootSuite raises $165 million, expands into social ads
Vidyard launches Hootsuite app
Hootsuite, ContentGems integration enables social content sharing

Read more about: HootSuiteM&A

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