LONDON: Social media monitoring company Brandwatch has made its first acquisition with the purchase of influencer analysis provider PeerIndex.
PeerIndex will retain its brand name for the time being. CEO Azeem Azhar will remain in his leadership role, while also joining the Brandwatch team as a product evangelist, he said.
PeerIndex’s team of 10 staffers will stay on board and continue to work from their London office.
Brandwatch CEO Giles Palmer said buying PeerIndex will help the company expand its work into new areas.
"Brands use our platform to watch what people are saying about them and their competition on the Web, but we haven’t really looked at the audience analysis or who these people are and how everything is being said. That’s where PeerIndex comes in," Palmer explained.
Brandwatch’s roster of about 1,200 clients includes a mix of brands, PR firms, and marketing agencies such as Text100, Weber Shandwick, Waggener Edstrom, Droga5, Whirlpool, Whole Foods, British Airways, Monster.com, and Ikea.
PeerIndex began discussions with Brandwatch after Azhar saw Palmer speak at an event in September. Azhar said he was impressed by Palmer and Brandwatch’s work for customers.
With access to Brandwatch’s resources, PeerIndex will focus on delivering new products for clients, Azhar added.
Palmer said his objective is to keep up with Brandwatch’s competition and the market, both of which are becoming more sophisticated.
"Our competition is building out their product bases and capabilities," Palmer said. "We have gotten to a point now with 100 engineers in the company where we have the capacity to start expanding out sideways and building other things, as well as improving what we do."
Brandwatch plans to launch additional tools and make one or two more acquisitions in 2015, Palmer said.
Financial terms of the deal were not disclosed.