Sat, Sep 27, 2014 - Page 15 News List

Social media firm Hootsuite joins the US$1bn club


Hootsuite, a Canada-based social media consulting and analytics firm, said on Thursday it raised a fresh US$60 million in investments, giving it a reported value of US$1 billion.

Hootsuite is a social media management system for brand management.

The Vancouver-based firm said the latest round of financing, led by a large Boston-based asset manager, included existing investors Accel Partners, Insight Venture Partners and OMERS Venture, along with Silicon Valley Bank.

The latest investment brings Hootsuite’s total financing to date to US$250 million.

News Web site Re/Code, citing sources familiar with the deal, said the new financing values Hootsuite at US$1 billion.

Hootsuite, which calls itself “the world’s most widely used social relationship platform,” is known for its social media “dashboard” that allows corporate users and others to manage and monitor Twitter and other social media posts, to help in marketing and branding.

“This financing will help us scale even faster on a global level and bring the most innovative products to market,” Hootsuite chief executive Ryan Holmes said.

The company also announced it acquired Zeetl, a social telephony company, to integrate new voice technology into its platform.

“Acquisitions form an important part of our growth strategy,” Holmes said.

Hootsuite has about 10 million users, including 744 of the Fortune 1000 companies, which manage their social media programs across multiple social networks from its dashboard.

Zeetl allows companies to respond to consumer complaints on social media by offering a private voice channel over Twitter or Facebook.

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