Marketing tech firm Hootsuite announced on Tuesday acquiring the ad tech startup AdEspresso, in a bid to expand its paid advertising operations.
In May, AdEspresso raised a $1.4 million round valuing the startup at $20 million. The company was founded in 2013 and raised a total of $3.2 million.
Financial information about the acquisition was not disclosed.
The AdEspresso platform allows advertisers to test and optimise the creative of Facebook and Instagram ads.
With AdEspresso on board, Hootsuite is now launching Hootsuite Ads, a Facebook and Instagram optimization solution.
In October, Hootsuite partnered with six different social media ad tech startups, including AdEspresso, in a bid to move into paid advertising.
Hootsuite CEO Ryan Holmes said in a statement: “With AdEspresso, we’re bringing our users a simple, powerful, battle-tested solution that delivers measurable ROI [return on investment].”
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.