AUS
NZ
UK
CA
USA
IND
Highlights
- Established in 2008, Hootsuite was started after a spinout from Invoke Media, the internet service and marketing consultancy of Mr Holmes.
- If the Hootsuite IPO happens, the move will come 15 months after Tom Keiser became the chief executive officer of Hootsuite.
- Several global universities use Hootsuite's tools to teach social media during marketing classes, and over 200,000 paying customers use the platform.
The social media management platform Hootsuite is reportedly planning to go public on the Toronto Stock Exchange and raise C$ 200 million in gross proceeds.
Since this year, reports have claimed that the company could consider an initial public offering. In January, Hootsuite acquired Sparkcentral, a leading digital customer engagement platform that sparked investors' interest in the company.
Fresh reports have now claimed that the Vancouver-based company is in talks with JP Morgan and TD Securities for the IPO. However, there is no official statement from the company confirming the same.
If the IPO happens, the move will come 15 months after Tom Keiser became the chief executive officer of Hootsuite and took charge from the company's founder Ryan Holmes.
In 2021, many companies went public in the world and raised more money as gross proceeds than they had expected. So, Hootsuite could consider going public as an IPO frenzy continues across the globe.
All you need to know about Hootsuite
Established in 2008, Hootsuite was started after a spinout from Invoke Media, the internet service and marketing consultancy of Mr Holmes. Hootsuite develops tools to enable its customers to manage their social media activities.
Also Read: Nexii Building Solutions IPO: Can you buy Nexiite-maker's stock?
As social media activities help the company engage with existing and potential customers, Hootsuite could capitalize on the booming social media industry. A decade ago, the company had small business operations, and now Hootsuite's platform is used in almost every country in the world.
© 2021 Kalkine Media Inc.
Those interested in buying the Hootsuite stock will have to wait until the IPO happens and the company files documents with the regulatory authorities for approval. In Canada, the listing of shares is only done after the company meets all the requirements of the TSX.
Bottom line
The digital marketing industry is growing rapidly, and it was valued at around US$ 49.4 billion in 2020, according to a Grand View Research report. The industry is expected to grow in future, and by 2028, it could register a compound annual growth rate (CAGR) of 18.2 per cent.
Also Read: FaZe Clan SPAC deal: How to invest in this digital content platform?
