Vocus Acquires North Social
The social media space is competitive, especially on the vendor side of things.
Take Vocus, for example. Most recently, the company snatched up the ever-popular Help A Reporter Out and also scooped up Engine 140.
Next on their hit list is North Social, a developer of software that enables businesses to create and manage Facebook pages. The company has 19 different applications or “apps” for conducting social media promotions – a contest, creative videos or Twitter streams. In less than a year, the company has signed 1,300 monthly subscription customers, according to a Vocus spokesperson.
This is the fifth acquisition Vocus has made in the last 12 months and the third social media product announcement or acquisition that the company says is a "move toward a new business space called 'earned marketing.'"
Under the terms of the agreement, Vocus paid $7 million in cash at close and could pay up to an additional $18 million of contingent cash consideration over 24 months based on the achievement of certain milestones.