Spredfast, an Austin-based social media software startup, Wednesday announced its purchase of Shoutlet, a Wisconsin based competitor.
Austin-based Spredfast did not disclose the financial terms of the deal.
As part of the deal, Shoutlet’s Madison, Wisconsin-based headquarters will become Spredfast’s new development center.
“The combined company has 600 employees and more than 1,400 customers in 30 countries, executives said,” according to a story in the Milwaukee Wisconsin Journal Sentinel. “The acquisition makes Spredfast the largest company in the fast-growing social media technology space, said Rod Favaron, Spredfast’s president and chief executive officer.”
Shoutlet has approximately 100 employees and its customers include Best Buy, Four Seasons and Lowe’s, according to the Journal Sentinel.
“Spredfast’s proven leadership in the social software space makes it clear that they are absolutely the right company to leverage our technology and people. The combined company will provide customers with richer product options, lightning fast innovation, and access to the smartest minds in the industry,” Aaron Everson, President and Co-Founder of Shoutlet, said in a news release. “We’re looking forward to bringing these two strong teams together.”
Spreadfast, founded in 2008, has raised $88.5 million in five rounds from five investors, according to its Crunchbase profile. Last year, Spreadfast bought its Austin crosstown rival, Mass Relevance for an undisclosed price.