VC-backed Hootsuite acquires digital ad company AdEspresso

Canadian social media management platform Hootsuite has acquired AdEspresso, a U.S. Facebook and Instagram advertising management and optimization tool. No financial terms were disclosed. Hootsuite said AdEspresso's technology will form part of its product, Hootsuite Ads, to help organizations maximize paid, owned and earned content. Founded in 2008, Vancouver-based Hootsuite has raised about US$250 million in venture capital funding from a number of investors, including Accel Partners, Insight Venture Partners and OMERS Ventures. AdEspresso was also venture-backed, raising funding from 500 Startups, VentureFriends, VTF Capital and others.

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