Hootsuite lays off nearly 10 per cent of workforce after failed attempt to sell company

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Hootsuite lays off nearly 10 per cent of workforce after failed attempt to sell company GlobeTechnology

The social-media management company neither confirmed nor denied whether the staffing reductions were in the range of 100 people; that figure was first reported by CTV News.Vancouver social-media management company Hootsuite Inc. laid off nearly 10 per cent of its work force Tuesday, sources said, as it seeks to cut costs following an abandoned plan to sell the company.that Hootsuite had given up on an attempt to be acquired last December after preliminary offers came in below expectations.

Born last decade from CEO Ryan Holmes’s internet-services and marketing-consulting company, Invoke Media, Hootsuite became a Canadian tech darling earlier this decade, helping corporate customers manage social media and communicate with customers. It generated $1-million in monthly revenue by 2011, rapidly growing as social media integrated itself into daily life. By 2014, it had raised about $250-million in venture financing from American and Canadian firms such as Fidelity Investments Inc.

Those offers, however, capped at about US$650-million to US$700-million, while the company had hoped for a valuation of US$750-million, sources said in January. At the time, Greg Perotto, its vice-president of marketing, said, “To date there has not been a compelling offer that would change our desire to grow as a private business.” He also said then that the company had plans to hire sales and technical staff.

 

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GlobeTechnology Can't sell a decreasing value asset. Social is dead unless Trump signs a freedom of speech act for all private forums that are acting as fragmented public squares.

GlobeTechnology Hootsuite still exists?

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