Media monitoring company Streem recently announced it has accepted an acquisition offer from global communications intelligence giant, Cision.
The terms of the deal were not disclosed to the public. As a result of the transaction, 100% of Streem shares will move to Cision control and the Streem brand and platform will operate under its current management in Australia and New Zealand, PR Newswire reported.
It is expected that Streem customers will experience several benefits from the sale, and that they will be able to continue to receive local support and expertise from Streem staff.
Streem's CEO shared his excitement about the deal.
"With more than 100 local staff servicing over 400 leading clients, Streem has grown faster than we ever could have imagined thanks to great tech, strong support from customers and an incredible local team," Elgar Welch said. "Backed by Cision, we'll continue to build upon that growth, delivering new tools and products to help communications teams work smarter."
According to the press release, Streem came to market in 2017, led by Welch, a former staffer in Australia's prime minister's office. Today, Streem is one of the fastest growing media intelligence companies in Australia and New Zealand (ANZ). The company services most of the market's major government departments, banks, airlines, telecommunications and energy companies.
With the acquisition, Cision will be able to offer a broader range of services at more affordable prices, according to PR Newswire.
"Streem has quickly established itself as the customer preferred media intelligence platform in the ANZ market," Cision CEO Abel Clark said. "Streem's customers will benefit enormously from Cision's global reach and we're excited to be able to offer a full-suite of monitoring, distribution, insights and social media solutions in ANZ that both our local and global customers can benefit from."
The deal, which still needs approval from Australia's Foreign Investment Review Board and the Department of Justice in the United States, is expected to be finalized in the first quarter of 2022.