Madison-based Shoutlet acquired by Spredfast, will keep local office
Excerpted from The Capital Times
By Laurel White
Madison-based social media management company Shoutlet has been acquired by Spredfast, another major player in the social media management industry, for an undisclosed amount. The announcement was made this morning.
“This is really looked upon as two of the three or four largest social companies in the space forging an alliance to take over the space,” said David Prohaska, vice president of marketing at Shoutlet. “Strategically, it makes so much sense.”
Spredfast will keep the Shoutlet’s Madison offices operational — in fact, they plan to add jobs there, Prohaska said.
“Spredfast looks at Madison as a growth opportunity,” he said. “They will make an investment here in Madison. This office will grow.”
Prohaska said he didn’t know how many hires would be made in Madison, but said the new positions would be posted online “this afternoon.”
A press release about the acquisition said, “As part of the integration, Shoutlet’s Madison, Wisconsin headquarters and staff, which supports global customers like Best Buy, Four Seasons, and Lowe’s, will become Spredfast’s newest development center.”
According to VentureBeat, the combined forces of Shoutlet and Spredfast will boast almost 600 employees and more than 1,000 customers, including brands, agencies and media companies. Spredfast is based in Austin.
Shoutlet, which was founded in 2010, raised $24 in equity funding and completed a $5 million debt round earlier this year.
Shoutlet has been noted as part of Madison’s ‘cool’ startup scene — something the Spredfast acquisition will only bolster, according to Prohaska.
“It’ll just enhance our culture — their values are so aligned with ours,” he said.
