Hootsuite, the popular social media management platform is actively looking for buyers, Reuters reports.
Hootsuite is working with investment bank Goldman Sachs Group Inc on a scheme which will allow the company to change hands, while giving its investors a hefty exit.
Hootsuite is headquartered in Vancouver, Canada and was founded by Ryan Holmes in 2008. It is the social media management platform of choice of 15 million users in 175 countries worldwide. It employs around 1,000 staff members in 13 locations and reports yearly revenues of $150 million.
The company has also held several funding rounds, starting in 2009 when it received 1.9 million from Hearst Interactive Media, Blumberg Capital, and angel investors Leo Group LLC and Geoff Entress. The last round took place back in March when Hootsuite raised $50 million from CIBC Innovation Banking.
The company is circling around an asking price of $750 million. Some may argue that this is way too much for a company which has held so many funding rounds and is ‘only’ making a fraction of the price tag. However, Hootsuite sits on an abundance of information and data generated by its users, including types of content, posting hours, click through rates for some of the biggest companies in the world, all accumulated over the course of more than 10 years. At this point, we may all agree that we can’t put a price tag on that.
It is also a good time for its investors to make an exit and for the product to pivot. Facebook, along with other platforms, is aggressively restricting access to its API, in light of the constant data leaks and alleged election meddling.
So, without further ado, it’s time to ask: Do we have any takers?
You might also like
More from Other Platforms
TikTok Is Reportedly Testing A Recruitment Tool
TikTok is reportedly beta testing a new feature that will let employers targeting Gen-Zs, list jobs on its platform.
Instagram Will Let You Add Your Pronouns To Your Profile
Instagram is now letting users add up to four pronouns by which they wish to be known. These can be …
WhatsApp Will Not Delete Your Account If You Do Not Accept Its New Privacy Policy
WhatsApp won't delete accounts if users don't accept its new privacy policy. It will, instead, gradually limit the app's functionality.
YouTube Shorts Now Available To All Users In The US
YouTube's TikTok-like short video feature is now out of beta and is rolling out to all creators based in the …
New TikTok Developer Kits Enable Sound Sharing And Log In With TikTok
TikTok has announced two new developer kits that enable sound and music sharing and the integration of TikTok login in …
Messenger And Instagram Roll Out New Features For Self-Expression
Facebook is rolling out new features on Messenger and Instagram to allow more self-expression and help people feel together even …
A Year After Launching, Clubhouse Is Finally Coming To Android
Clubhouse for Android will start rolling out in beta immediately, first in the US, followed by other English-speaking countries.
Clubhouse Announces The Line-Up For Its Creator First Pilot Season
After announcing its Creator First Program in March, Clubhouse just revealed the line-up for the pilot season.
Bright Lets You Zoom With Your Favorite Creators
Bright lets you get closer to your favorite creators with Zoom calls and direct learning.
