Vancouver-based Hootsuite has announced its second acquisition in less than a month.
This morning, the tech company disclosed that it's purchased New York-based LiftMetrix, which has a tool to measure the return on investments in social media.
“It’s critical for marketers today to prove the impact of social advertising on the company’s bottom line," Hootsuite CEO Ryan Holmes said in a news release. "LiftMetrix offers a sophisticated, yet easy-to-use analytics solution that helps our customers make sense of data to maximize social marketing results. LiftMetrix will be a fantastic complement to the Hootsuite platform."
The sale price was not disclosed.
Hootsuite has developed dashboard application for managing posts on social channels. The company says it's used by 15 million people and by 800 of the Fortune 1000 companies.
Today's deal came two weeks after Hootsuite bought San Francisco-based AdEspresso, which manages digital advertisements.
Hootsuite has worked with LiftMetrix and AdEspresso in the past.
“By joining Hootsuite, we will be able to offer increased value to our existing enterprise customers around their paid, earned, and owned social initiatives," LiftMetrix CEO Nik Pai said in the news release. "It’s exciting to be part of a company with Hootsuite’s velocity and trajectory."
According to a Fortune magazine report, Hootsuite became cash-positive in the second quarter of 2016.
This renewed speculation that the company may eventually launch an initial public offering.
Hootsuite has been valued at $1 billion but nearly a year ago, giant fund manager Fidelity wrote down its investment in the company.
Following that setback, Hootsuite laid off 100 of its 1,000 employees, according to a Bloomberg report last summer.
This set the stage for the company to become cash-positive in its operations and embark on its recent acquisitions.