New Relations: Meltwater Buys JitterJam
Social media monitoring firm Meltwater Group on Tuesday announced the acquisition of JitterJam. Marking its second such acquisition in just over a year, Meltwater is paying $6 million to buy the customer relationship management software maker.
The JitterJam platform, which is built for consumer-facing companies looking to tap social, mobile and email engagement, will be integrated over time with Meltwater's Buzz product.
"The Social CRM space is clearly experiencing fast growth and within three years, we aim to generate $100 million a year in social CRM solutions alone," said Jorn Lyseggen, founder and CEO of Meltwater Group.
By delivering news and social media monitoring and search engine marketing tools, Meltwater claims to have already grown to a $100 million-a-year company. Per the deal, all of JitterJam's employees are expected to join Meltwater.
Regarding social CRM's prospects, Gartner recently forecast that by 2013, spending on social software to support sales, marketing and customer service processes will exceed $1 billion worldwide.
In addition, Gartner predicted that during the next two years, 30% of top companies will extend the goals of their online community activities to the design of enhanced service processes, including social CRM.
In February 2010, Meltwater spent $4 million to buy BuzzGain. Going forward, Meltwater said it intends to acquire more businesses and technologies to further expand its product offerings.