An Ottawa-based company that specializes in monitoring social media networks and news feeds has been bought by United States-based consulting firm Innodata for $5.78 million.
MediaMiser Ltd., founded in 2003 by Brett Serjeantson and business partner Chris Morrison, was created to help businesses monitor feedback and comments made about them online. The company’s product offerings have helped it attract customers such as Labatt Breweries, Home Depot, the Auditor General’s office, Fisheries and Oceans, Canadian Blood Services and Virgin Mobile.
The firm employs around 53 people locally. It reported sales of $3.9 million in its most recent fiscal year.
“We are extremely enthusiastic about becoming part of the Innodata team,” said Serjeantson. “Innodata’s technology and content management capabilities is exactly what we need at this juncture to accelerate our growth and enhance our offerings for new and existing clients.”
The deal will see Innodata pay $4.4 million in cash for the Ottawa firm. It will also have to make payments of $630,000 in July 2015 and $750,000 in July 2016. In addition, MediaMiser has the opportunity to receive a bonus if it meets certain performance targets. The bonus is worth up to $5 million to the firm in May 2017.
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