Meltwater continues social drive with IceRocket acquisition

IceRocket, a social search engine, has been bought out by The Meltwater Group in a deal aimed at building Meltwater's position in the fast growing social media market.

Privately-owned IceRocket provides a search option which identifies trends and popular topics on the social web.

According to a statement, its technology searches two million blogs and social networking sites. Following the acquisition the companies will provide public relations, marketing, communications and advertisers with monitoring and analysing tools.

The deal marks the second ‘social’ acquisition for Meltwater in 2011 following its March purchase of JitterJam.

Chief executive officer of Meltwater, Jorn Lyseggen, says that the buy gives Meltwater access to ‘one of the richest sources of social media in the market’.

Lyseggen adds: ‘IceRocket helps Meltwater secure an enviable position in the social media intelligence space. This acquisition represents an important step toward achieving our goal of generating $100 million in social media business within three years.’

Headquartered in San Francisco, Meltwater has five offices in the UK and Republic of Ireland. Customers of the business include Nike, Pfizer, Sony and Whole Foods.

Following the completion of the deal, all of Texas-based IceRocket’s employees will join Meltwater with the search engine continuing to operate as a standalone while the technology is integrated with Meltwater Buzz. The software business says it intends to acquire more businesses and technologies to help expand its product suite.

Blake Rhodes, founder of IceRocket, comments: ‘IceRocket’s integration with Meltwater Buzz will provide access to more sophisticated capabilities, such as measuring and analysing social engagement and influence.’

Speaking to M&A Deals earlier in the year Lyseggen explained that many of Meltwater’s acquisitions are based on the future prospect, which is inherently full of uncertainty, and not for the past or present.

Speaking then, Lyseggen said: ‘I’m not a great believer in due diligence. You need to make sure that things are in order, but beyond that we have little interest in spending too much time on the past.’

Todd Cardy

Todd Cardy

Todd was Editor of between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

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