TORONTO: Marketwire has acquired Sysomos, a Toronto-based firm that specializes in social media monitoring and sentiment analysis, effective immediately.
As part of the deal, Sysomos will not be rebranded and all staff will be retained, including co-founder and president, Dr Nick Koudas.
According to Michael Nowlan, Marketwire's president and CEO, the acquisition is part of the firm's strategy to offer its customers integrated communications. He said: “Marketwire already has solid exposure in traditional media and Sysomos has a tremendous reputation for offering high-quality analytics, so it was a perfect fit for us.”
He added that the firm would soon be offering customers access to Sysomos' MAP (Media Analysis Platform) and Heartbeat, under the Marketwire brand.
Nowlan declined to reveal the financial terms of the deal but said the two firms had been in talks for several months and the cost was “not immaterial”.
The Sysomos platform allows subscribers to monitor and evaluate social media conversations through the use of contextual text analytics and data mining technology. The product emerged from an advanced research project started in 2005 at the University of Toronto.
Sysomos president Koudas added: “As a young and very tech-focused company this was an opportunity to complement and grow our offering without hassle.”