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
Google Calendar Now Lets You Split Your Workday Into Segments
Google Calendar is introducing work hour segmentation and repeating out-of-office replies to help you organize your hectic schedule.
Clubhouse App Surpasses 10 Million Downloads
Breakout drop-in chat app Clubhouse has surpassed 10 million downloads despite being in an invite-only pre-launch phase.
Facebook And Instagram Introduce Cross-App Messaging
Facebook and Instagram have introduced cross-app messaging, letting users from one app find and message you on the other.
Song Start Is A New Education Series In Partnership With Spotify And Noteable
'Song Start' is a new digital music education series presented by two visionary females on Spotify’s recently launched Noteable platform.
Barack Obama And Bruce Springsteen Launch A Spotify-Exclusive Podcast
Barack Obama and Bruce Springsteen are the co-hosts of Renegades: Born in the USA, a new exclusive podcast for Spotify.
LinkedIn Introduces Stories For Pages
LinkedIn has announced several new features on Pages - among them, Stories for Pages with swipe-up links.
Instagram Introduces More Resources For People Affected By Eating Disorders
Instagram is introducing more resources for people that are affected by eating disorders.
Facebook Adds Multi-User Accounts And App Sharing To Oculus Quest
Facebook has announced it's adding two features to Oculus Quest that let users share their devices with each other.
LinkedIn Is Building A Marketplace Platform For Freelancers
According to reports, LinkedIn is building a new service to let its members find and work with freelancers.
