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Brandwatch and Crimson Hexagon to merge into $100M social intelligence provider
Brandwatch and Crimson Hexagon Inc., two of the biggest players in the social media intelligence market, today revealed plans to merge into a single entity with annual recurring revenues of $100 million.
The deal is expected to close by the end of the year. The combined company will launch under the Brandwatch name with an initial focus on integrating the startup’s social media analytics technology with that of Crimson Hexagon.
U.K.-based Brandwatch offers a set of services that enable companies to analyze the vast amounts of user-generated content on social media for insights into consumer sentiment. The offerings help brands measure their public perception and other high-level patterns, as well as surface individual posts such as customer complaints. Brandwatch also provides collaboration features for sharing information within an organization.
The merger will see the data management features in Brandwatch’s interface combined with the artificial intelligence features and social media records that Crimson Hexagon brings to the table. The Boston-based company boasts a database of over 1.2 trillion pieces of content from a billion people that it describes as the largest of its kind.
After the merger, the combined company will work to extend the scope of this repository beyond social media by mixing in information from other sources such as market research providers. At the same time, Brandwatch and Crimson Hexagon said they plan to continue supporting their existing services. A joint announcement stated that the offerings will remain available for an “extended period.”
Brandwatch Chief Executive Officer Giles Palmer wrote in a blog post that company’s integration roadmap will be supported by an engineering team of more than 200 people. The combined entity is also set to inherit a customer base of several thousand organizations that includes big names such as Walmart Inc., Dell Technologies Inc. and Adidas AG.
Brandwatch has raised over $64 million from investors, while Crimson Hexagon is backed by $33.5 million in funding.
Image: Brandwatch
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