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Reuters Says Vancouver-Based Hootsuite Working with Goldman Sachs and Exploring Possible Sale of Company for US $750 Million+
Tuesday, October 9, 2018Company Profile | Follow Company
Vancouver, BC, October 9, 2018--(T-Net)--In an announcement sure to shake up the local BC tech industry, Reuters and Bloomberg are reporting this morning that Vancouver-based Hootsuite, a fast growing BC unicorn startup, is considering a sale of the company at a value in excess of $750 million US (approx $974 milion CDN).
Hootsuite has been born and raised in BC, and are the developers of a widely used platform for managing social media.
Hootsuite currently has around $150 million in annual revenue, Reuters sources said, and Bloomberg reported that the company raised venture funding in 2014 at a valuation of about $750 million.
Hootsuite's investors include CIBC Innovation Banking, Accel Partners, Insight Venture Partners and OMERS Ventures.
Hootsuite is reportedly working with investment bank Goldman Sachs on an auction process for the company, Reuters sources said, but an IPO (or no transaction at all) is also possible.
See full details on the Reuters and Bloomberg websites.
This story will be updated if and when more details come in.
About Hootsuite
Hootsuite is the most widely used social media management platform, trusted by more than 16 million people and employees at 80% of the Fortune 1000. Hootsuite's unparalleled expertise, customer insights at scale, and collaborative ecosystem, uniquely help people and organizations to succeed with social. To learn more, visit www.hootsuite.com.
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