Popular social media marketing solution Hootsuite has acquired advertising technology startup AdEspresso.
While terms of the deal were not disclosed, AdEspresso was valued at $20 million back in May 2016, following a $1.4 million investment round.
The acquisition will provide Hootsuite an opportunity to expand its existing paid advertising operations. The company has also revealed it is launching Hootsuite Ads, a self-service ads management product that will enable enterprises to create and manage (test and optimize) social advertising campaigns on Facebook and Instagram faster and more efficiently.
, providing organizations the ability to effectively engage with customers across paid, earned, and owned social media.
"Social advertising has become a vital aspect of marketing; companies are looking for ways to reach an active, engaged audience while getting more mileage from content and advertising spend. With AdEspresso, we're bringing our users a simple, powerful, battle-tested solution that delivers measurable ROI." said Ryan Holmes, CEO of Hootsuite.