Insurance provider American Family exited US-based online marketing technology company Shoutlet yesterday when it was acquired by social media marketing platform Spredfast for an undisclosed sum.
Founded in 2004, Shoutlet operates a cloud-based platform through which companies can connect with customers and prospective clients. The platform is used by brands such as retail chain Best Buy, camera maker Canon and conglomerate 3M.
American Family led Shoutlet’s $6m series B round in December 2010, investing alongside Origin Ventures and Leo Capital, both participants in the company’s $3.2m series A round earlier the same year.
Growth equity firm FTV Capital supplied another $15m for Shoutlet in 2012, before the company obtained $5m in debt financing in February 2015, according to a regulatory filing.
Spredfast will integrate Shoutlet’s technology into its own offering and will turn Shoutlet’s staff and headquarters in Wisconsin into a new development team and centre.
Aaron Everson, president and co-founder of Shoutlet, said: “Spredfast’s proven leadership in the social software space makes it clear that they are absolutely the right company to leverage our technology and people.
“The combined company will provide customers with richer product options, lightning fast innovation, and access to the smartest minds in the industry. We are looking forward to bringing these two strong teams together.”