Marketing tech firm Hootsuite acquires Facebook ad optimization startup AdEspresso
Hootsuite CEO Ryan Holmes is looking to take advantage of the growth in Facebook ads.
In May, AdEspresso raised a $1.4 million round valuing the startup at $20 million. The company was founded in 2013 and raised a total of $3.2 million.
Financial information about the acquisition was not disclosed.
The AdEspresso platform allows advertisers to test and optimize the creative of Facebook and Instagram ads.
With AdEspresso on board, Hootsuite is now launching Hootsuite Ads, a Facebook and Instagram optimization solution.
In October, Hootsuite partnered with six different social media ad tech startups, including AdEspresso, in a bid to move into paid advertising.
Hootsuite CEO Ryan Holmes said in a statement: "With AdEspresso, we're bringing our users a simple, powerful, battle-tested solution that delivers measurable ROI [return on investment]."
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