Provider of cloud-based social media management and online community solution software, Lithium Technologies Inc., announced that it has entered a definitive agreement to be acquired by Vista Equity Partners, a private equity firm with a focus on enterprise SaaS transactions. Lithium’s Board of Directors unanimously approved the deal, in which financial details were not disclosed.
The San Francisco-based company seeks to help enterprise brands build an “amazing digital customer experience at scale,” by offering software which allows businesses to connect with their target markets on social media and digital channels. Lithium offers social media management services, social analytics and “Online Communities,” chat rooms intended to crowdsource product support while building P2P and brand engagement.
The enterprise software provider says its services help businesses drive sales, lower service costs, increase customer satisfaction and grow brand advocacy, loyalty and retention. Customers include sharing economy unicorn Airbnb, telecommunications company AT&T, cybersecurity pioneer Symantec and cosmetics retailer Sephora. Lithium boasts its far-reaching digital footprint, including approximately 480 million new digital interactions analyzed daily, 100 million monthly visitors across its Online Communities and 850 million online profiles scored through social influence rating application Klout.
President and Chief Executive Rob Tarkoff says the deal represents a new chapter for Lithium, giving the firm the opportunity to accelerate plans to create a “consolidated Digital Customer Experience software stack that will be the best in class for enterprise brands.”
Lithium is backed by investors including New Enterprise Associates, Sapphire Ventures, Benchmark, DAG Ventures, Emerging Capital Partners and Shasta Ventures and has raised just over $200 million in eight funding rounds.
The transaction, expected to close within 30-45 days, is subject to customary closing conditions. Lithium will maintain its headquarters in Silicon Valley and continue to operate business as usual.