We scooped this news last week but it’s official. Brand tracking application Scout Labs has been acquired by social CRM company Lithium Technologies, according to a blog post on Scout Labs’ site. We initially reported the acquisition price to be in the $20 million – $25 million range, in a stock and cash transaction.
We first covered Scout Labs in late 2007 when it was still in private beta. More recently the startup updated their UI and improved on the product. It’s one of the more compelling tools in helping brands and companies track and monitor what is being said about them on the web. Plus, its pricing model was affordable for both large and small businesses.
Lithium Technologies was founded in 2001 and focuses on a broader range of social CRM solutions. To date though their product suite has focused on retaining and communicating with existing customers.
In the blog post announcing the acquisition, CEO and founder Jennifer Zeszut wrote that together, Scout Labs and Lithium will “create a true Social CRM platform with a lens on the whole customer.” Existing Scout clients will still be able to use the product at the same affordable prices, but now its application will gave the ability to include much more data for clients.