Meltwater Group has acquired BuzzGain, 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, along with the founder and CEO, Mukund Mohan, has joined the Meltwater Group after the acquisition was finalised.
The company expects this acquisition 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 user interface and a source base in the market, covering more than 10 million discussions per day in 10 different languages.
Meltwater, which has 700 employees and 18,000 customers across six continents, said that it will reach $100m in bookings for the twelve month period ending March 31, 2010.
Jorn Lyseggen, CEO of Meltwater, said: “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 realise its aspirations to see its software used by thousands of clients around the world.”