Astute, a leading customer engagement and voice of the customer (VoC) platform, announced its acquisition of social media marketing platform Socialbakers.
The acquisition will streamline how global brand partners manage research, content, engagement, social engagement and VoC in one unified software-as-a-service (SaaS) platform.
"We know from talking with our customers that brands are focusing their investments more and more into delivering outstanding customer experience right from the first interaction to post-purchase care," said Astute CEO Mark Zablan. "This unique combination of Socialbakers’ market-leading social media marketing capabilities with Astute’s established engagement suite will help our customers tackle this challenge more effectively within a unified omnichannel platform, and that will set us apart."
Following the acquisition, Zablan will serve as CEO of the combined company and Yuval Ben-Itzhak, current CEO of Socialbakers, will serve as president. Every Socialbakers employee will join Astute, with a resulting business of 600-plus employees and more than $100 million in annual recurring revenue (ARR). No acquisition price was announced.
Having a single platform where workflow is streamlined from start to finish was a natural progression for Socialbakers, according to Ben-Itzhak.
"Coming from multiple other markets, it was obvious that at this stage of the [marketing tech] market, there will be a demand for [a platform] that does everything," he said in a July 2020 interview with PRWeek. "Now [during the pandemic], when budgets are more challenging, the brands will look for one platform to do the whole thing."
The acquisition comes as the latest move in Astute's goal of becoming the CCO's platform of choice. This year, Astute has hired SaaS technology executive Zablan as CEO, acquired VoC leader iPerceptions and added clients such as The Emerson Group. Astute won the 2020 Stevie Award for Most Innovative Tech company and Business Intelligence Group's Best Places to Work award.
With more than 2,500 clients in 100 countries, Socialbakers actively tracks 10 million social profiles across platforms including Facebook, Instagram, YouTube, LinkedIn and other sites.