Hootsuite Acquires SaaS Platform Sparkcentral, Eyes 25% Growth Before Public Debut

2 min read | January 07, 2021 03:52 AM AEDT | By Hina Chowdhary

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Hootsuite Acquires SaaS Platform Sparkcentral, Eyes 25% Growth Before Public Debut

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Subscription-based social media management company Hootsuite has acquired Sparkcentral, a software as a service (SaaS) firm. The arrangement of the deal has not yet been made public.

Hootsuite management expects consistent growth before it goes public, reports media said on Wednesday.

Sparkcentral is a multi-national digital customer service provider and collaborates with leading companies such as Air Canada, Slack, and JetBlue. It has a wide customer network across more than 20 countries.

Rumors of an initial public offering (IPO) of digital media management Hootsuite has been doing the rounds of grapevine for long. However, the company CEO Tom Keiser said that the business needs to grow by at least by 25 per cent quarterly before going public.

Further elaborating on the company’s growth metrics, he stated that the first business needs to control its fate, and then he can go ahead to take the company public. From the acquisition of Sparkcentral, the company CEO is expected to accelerate its online sales through the SaaS-based chat platform.

According to Hootsuite, the COVID-19 pandemic has transformed the digital industry, guided by online customer services and digital marketing firms.

Hootsuite had been exploring the possibility of buying Sparkcentral for a while now. Following a few back-and-forth stances, the company opted to crack on the acquisition after witnessing the swarm of people online due to the COVID-19-led crisis.

The Vancouver-based firm aims to utilize Sparkcentral’s existing resources to facilitate enterprises to connect with consumers. The messaging software could play a crucial role in business expansion across social media such as Instagram, Facebook, Twitter, etc.

Mr Keiser believed the purchase would assist online marketers through its automated and real-time software platform since conventional marketing agenda won’t be viable during the ongoing pandemic. The company CEO hopes to excel in the social media space as people are spending an unprecedented amount of time online.

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