Online consumer intelligence and social media listening platform Brandwatch has been acquired by Cision, best known for its media monitoring and media contact database services, for $450 million, in a combined cash and shares deal. TechCrunch understands Brandwatch’s key executive team will be staying on. The move combines two large players to offer a broad range of services from PR to marketing and online customer engagement. The deal is expected to close in the second quarter of 2021.
Cision has a media contact database of approximately 1 million journalists and media outlets and claims to have over 75,000 customers. Brandwatch applies AI and machine learning the practice known as ‘social listening’.
IN a statement, Giles Palmer, founder, and CEO of Brandwatch said: “We have always built Brandwatch with ambition… Now is the time to take the next step – joining a company of significant scale to create a business and a suite of products that can have an important global impact.”
Abel Clark, CEO of Cision said: “The continued digital shift and widespread adoption of social media is rapidly and fundamentally changing how brands and organizations engage with their customers. This is driving the imperative that PR, marketing, social, and customer care teams fully incorporate the unique insights now available into consumer-led strategies. Together, Cision and Brandwatch will help our clients to more deeply understand, connect and engage with their customers at scale across every channel.”
Brandwatch has been on an almost case-study of a journey from fundraising to acquisition to a merger, but less characteristically for a well-funded tech company, it did much of it from its home-town of Brighton, on the southern coast of England.
The financing journey began for Giles Palmer, with Angel funding in 2006. In 2010 Brandwatch raised $1.5m from Durrants, a marketing and PR firm, and Nauta Capital. In 2014 it raised $22 million in funding in a Series B round led by Highland Capital. That was followed by a $33M Series C financing led by Partech Ventures in 2015.
With the war chest, it went on to acquire BuzzSumo in 2017, a content marketing and influencer identification platform, for an undisclosed sum. And in 2019 Brandwatch merged with a similar business, Crimson Hexagon, creating a business with around $100 million in ARR. It also acquired the London-based SaaS research platform Qriously.
Brandwatch was recently named a leader in Forrester’s guide for buyers of social listening solutions.