Hootsuite Raises Another $60 Million on Its Way to IPO
Hootsuite is apparently more than just a social-media management tool. It also has become a $1 billion company, according to reports.
The company -- which is based in Vancouver, Canada and said to be heading toward an IPO -- recently closed a $60 million financing round led by investors including Accel Partners, Insight Venture Partners and OMERS Ventures. This round brings Hootsuite’s total financing to $250 million, the company says.
The round values Hootsuite at $1 billion, according to a report from Re/Code, citing a "source familiar with the matter."
“We wanted the partner coming in to have public experience,” co-founder and CEO Ryan Holmes told The Wall Street Journal. “That is very important as we get closer to IPO’ing. We are putting governance, compliance and other pieces in place because our company is heading toward that.”
At the same time, Hootsuite announced that it has acquired a social-telephony company called Zeetl. "Through the acquisition of Zeetl, we’re planning on adding a new voice solution that will better empower customer service teams around the world," Hootsuite said.
Financial terms of the acquisition were not released.
Entrepreneur Editors' Picks
Formerly Enslaved Black Man Nearest Green Taught Jack Daniel Everything He Knew About Whiskey. Today, the Founder of Uncle Nearest Premium Whiskey Celebrates His Legacy.
Leadership Lessons From the Exclusive Creativity School That 'Packs 5 Years Learning Into 5 Days'
3 Expert-Backed Strategies for Staying Calm in Times of Confrontation
The CEO of Wayfair Has Helped Revolutionize Digital Shopping for 20 Years. Here's How He Handles Rocky Economic Conditions.
This Founder Went to Prison When He Was 15 Years Old. That's Where He Came Up With the Idea for a Company Now Backed By John Legend.
3 Signs You're Letting Pride Get in the Way of Being Successful
Chip and Joanna Gaines and Shonda Rhimes Found Incredible Success By Using This One Entrepreneurial Strategy. Here's How You Can Too.