Hootsuite, an online platform that allows businesses to manage their social media communities, has just announced its acquisition of Snapchat analytics tool from Naritiv.
Naritiv, one of Fast Company’s top 10 most innovative video companies, is a Snapchat channel that helps brands create story-centric native campaigns on Snapchat. They have compiled a roster of the top Snapchat influencers and partners them with brands, on top of creating digitally interactive content for their clients.
Hootsuite, on the other hand, has been a game-changer in the social media management community. It’s been declared one of Canada’s tech ‘unicorns’, having raised a total of over $250 million, with a declared valuation of $1 billion.
It’s one of the most widely used social media management tools, boasting more than 15 million global users last October. Hootsuite’s acquisition of Naritiv marks its third in a series of purchases in the last two months, clearly signifying their focus on analytics. In February, Hootsuite bought New York-based LiftMetrix and San Francisco-based AdEspresso. LiftMetrix measures returns on social-media marketing investments; AdEspresso manages the placement of digital ads on Facebook.
“Brands are turning to video-centric networks like Snapchat to engage with their audiences,” said Ryan Holmes, CEO of Hootsuite. “Naritiv has been at the forefront of connecting brands and agencies with Snapchat influencers and their audiences. We’re thrilled to integrate Snapchat functionality into the Hootsuite platform to help our customers take full advantage of this dynamic video network. Snapchat is the new TV.”
Snapchat is still quite new territory for Hootsuite. The brand just joined Snapchat last June and has yet to add a Snapchat social stream for its users. This recent acquisition from Naritiv could mean that Hootsuite is looking into expanding towards Snap territory soon.
“We felt our Snapchat solution was complementary to the innovative marketing solutions that Hootsuite offers to brands and agencies,” said Dan Altmann, co-founder of Naritiv. “Hootsuite is a market leader for social media management across both paid and organic channels and we’re excited to see Hootsuite take our technology to the next level.”
As Snapchat draws more and more attention from advertisers, the demand to create engaging and competitive content on the app also grows. Platforms like Hootsuite need to shift their focus from the traditional Facebook and Instagram advertising and explore what Snapchat can offer. With the recent turn of events, it seems like Hootsuite knows exactly which direction the wind is blowing.