Diana Marszalek 27 Feb 2021 // 1:27AM GMT
CHICAGO — Cision has struck a $450 million deal to buy global consumer intelligence and social listening company Brandwatch.
Cision said the acquisition is meant to complement its news distribution and media monitoring capabilities, enabling the company to offer customers the full range of insights and analytics services that are rapidly becoming a key component in PR, marketing and digital customer engagement.
Giles Palmer, founder and CEO of UK-based Brandwatch, will stay with the company. The deal is expected to close in the second quarter of this year.
The combined company will have an expansive global footprint. Brandwatch has 10 offices around the world and Cision has 24.
“The continued digital shift and widespread adoption of social media is rapidly and fundamentally changing how brands and organizations engage with their customers,” said Cision CEO Abel Clark. “This is driving the imperative that PR, marketing, social and customer care teams fully incorporate the unique insights now available into consumer-led strategies. Together, Cision and Brandwatch will help our clients to more deeply understand, connect and engage with their customers at scale across every channel.”
The move comes roughly a year after Platinum Equity purchased Cision for $2.7 billion dollars, taking the then-public company private, with an eye on global growth.
Clark joined Cision in September from TruSight, where he led the company as chairman and CEO. He succeeded Kevin Akeroyd, who led the company through a period of restructuring.