Jive Software has acquired Filtrbox, a social media analytics company. The terms of the acquisition were not disclosed. Filtrbox, which is based out of Boulder, Colorado, raised around $2 million in total funding from Flywheel Ventures and True Ventures over the past two years.
It's an acquisition that makes sense in this social media era. Jive Software develops tools which essentially help businesses create their own social networking tools. Recently, Salesforce launced its own social networking cloud-based services called Chatter. Commenting on the market realities driving the acquisition, Jive sums it up saying,
"The need to monitor conversations on the real-time Web has reached critical mass. Facebook recently registered its 350 millionth member...Increasingly, Twitter serves as an instant news wire about subjects both large and small. The power of the real-time web to impact businesses both negatively and positively has proven real and demonstrable."
So Jive's reasoning behind the acquisition is bascially the fact it's accepted the reality that everybody is conversing across the social Web. Since Filtrbox's primary service helps users filter web conversations for sales opportunities as well as undesrtand market trends, the acquisition will help make Jive a more powerful tool.
"The real opportunity is integrating a socially-connected workforce to the customers it serves to make them feel valued, important, and heard. We see tremendous potential in the combination of SMM and SBS to change the way companies leverage conversations on the social web to deliver real business value," explained Chris Morace SVP of Products at Jive
Jive plans to initially integrate Filtrbox into its Jive Market Engagement solution. And if you're currently a Filtrbox user, don't worry, Jive plans to keep Filtrbox as a standalone product as well.
Check out our episode of VatorBox where Chris Shipley shares her two-cents about Filtrbox.