Social customer relationship management company Lithium has acquired social media monitoring company Scout Labs. Terms of the deal were not disclosed, however TechCrunch reported that it was north of $20 million.
ScoutLabs counts brands like Disney and agencies like Publicis, Universal-McCann, Wieden + Kennedy, Leo Burnett as clients. Lithium’s big clients include AT&T, BestBuy, Barnes and Noble, Verizon and Harvard Business Review.
“Socail CRM is all about how you drive value from the social customer,” said Philip Soffer, VP product marketing in an interview with PRNewser today. “We’ve traditionally done that by setting up online communities, but obviously people communicate all over the social web.” That is where Scout Labs comes in.
“We are going to continue to sell scout labs as a stand alone and augmented solution,” said Soffer.
Ogilvy PR is handling PR around the acquisition. Analyst Ray Wang gives his take on the deal here.