Venture-backed Hootsuite abandons sales process: report

© 2019 Hootsuite Inc

Hootsuite has abandoned a process that could have led to its sale, according to a report by the Globe and Mail.

Hootsuite, a Vancouver-based social media management platform, ended the process after preliminary offers came in below expectations, the report said.

In October, Reuters reported the company hired Goldman Sachs to explore a sale that could value it at more than US$750 million ($995 million).

Sources told the Globe and Mail that Hootsuite held talks with private equity firms, which generated initial offers ranging as high as US$650 million to US$700 million.

Hootsuite is backed by Accel PartnersFidelity InvestmentsInsight Venture PartnersOMERS Ventures and other investors.

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