Meltwater Group, one of the world’s leading, global Software-as-a-Service (SaaS) companies, today announced that it has acquired BuzzGain Inc., a social media monitoring company whose technology will serve as the platform to enhance Meltwater’s existing social media monitoring service, Meltwater Buzz.
BuzzGain’s engineering team, consisting of 25 employees, joined the company after the acquisition was finalized. BuzzGain’s founder and CEO, Mukund Mohan, has also joined the Meltwater Group and will contribute to the expansion of Meltwater Buzz globally.
“Through the acquisition by Meltwater, the BuzzGain platform will be introduced to an extremely vast and deep customer base,” said Mohan. “I’m looking forward to the continued success of Meltwater Buzz and believe that the BuzzGain engineering team and Meltwater’s client relations team will prove to be a powerful combination, paving the way for one of the most successful global social media monitoring services.”
The acquisition of BuzzGain allows Meltwater, already a worldwide leader in the monitoring of traditional online media, to enhance its current social media offering, Meltwater Buzz, which has been available since 2009. The new jointly developed product platform will feature Meltwater’s intuitive user interface and the most comprehensive source base in the market, covering more than 10 million discussions per day in 10 different languages.
“Meltwater’s acquisition of BuzzGain represents the first acquisition made by Meltwater’s newly established corporate venture arm, which is tasked with identifying strategic opportunities in the marketplace,” said Meltwater CEO Jorn Lyseggen. “Meltwater’s strategy is not to try to out-innovate or out-develop the rest of the world, but to identify potential partners who can provide cutting edge technology in the SaaS space. BuzzGain is a perfect example of the type of company we are looking for. Its product adds value to our service offering and we can help BuzzGain realize its aspirations to see its software used by thousands of clients around the world.”
Meltwater, which has 700 employees and 18,000 customers across six continents, also announced that it will reach $100 million in bookings for the twelve month period ending March 31st, 2010.
“We started the company with two guys, a coffee machine, and a total funding of $15,000 in Norway in 2001,” said Lyseggen. “To see how far we have come without raising external funding or debt is very rewarding and I can only thank all the hard working employees across the world for a fantastic job. With the strong foundation we have secured, I am excited about what the next few years will bring. We will continue to evaluate the technology landscape to discover new opportunities for Meltwater’s growth and to determine how we can apply the expertise of our exceptional people.”