Touted to be the most widely used social media managing platform globally, Hootsuite Inc is on sale and is expecting more than $750 million for the deal.
According to media reports, the tech giant is believed to have contacted Goldman Sachs Group Inc. to to examine a sale of the company at a valuation of at least USD$750 million. The auction comes at the time of violations of consumer data privacy and companies reviving their social media marketing tactics.
A sale would allow Hootsuite’s venture capital backers to cash out at a time when cyber security and privacy concerns make social media analytics firms more popular with corporate clients. Hootsuite’s investors include CIBC Innovation Banking, Accel Partners, Insight Venture Partners and OMERS Ventures, as per Reuters.
Hootsuite, based in Vancouver has been offering services like tracking and proving social ROI, scheduling social media posts in advance, monitoring readership of social media content and much more. It boasts of 16 million userbase more than 80 percent of Fortune 1000 companies to manage their presence on social media sites, such as Facebook Inc, Twitter Inc and LinkedIn.