Meltwater Acquires Social Media Monitoring Company JitterJam For $6 Million
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Meltwater Group has acquired Boston-based social media monitoring company JitterJam for $6 million. In February 2010, Meltwater had spent $4 million to acquire BuzzGain. Meltwater’s social media monitoring business has been doing very well, but only accounts for a small part of the company’s sales. Meltwater’s sales in 2010 added up to $106 million and $77 million in 2009.
JitterJam has about 50 clients including Kraft Foods. JitterJam will be integrated into Meltwater’s existing social media monitoring product, which is called Meltwater Buzz. “We believe innovation in this space is just incredible,” stated Meltwater CEO Jorn Lyseggen. “Instead of out-innovating the rest of the world, we will embrace that innovation (through) more acquisitions.”