Marketing tech companies continue to put their faith into social media.
The latest is Brand Networks. The Boston-based social marketing tech company acquired Los Angeles-based SHIFT today for $50 million.
The acquisition creates an entity that will power more than $500 million in social advertising spend for more than 650 brands and agencies, the company claims.
"Social marketing has evolved to become equal parts art and science," Jamie Tedford, founder and CEO of Brand Networks, said in a statement.
"... Marketers can now use a single platform to break down the walls between disparate teams, data silos, and content types to deliver relevant content across Facebook, Twitter and LinkedIn."
Real Time Tech
The tech behind the acquisition will be RelevanceRank, a proprietary technology designed to help marketers achieve the "highest possible levels of effectiveness and efficiency" in social marketing.
The companies will have more than 250 employees in 12 offices. James Borow, co-founder and CEO of SHIFT, joins Brand Networks as chief product officer.
"Brand Networks and SHIFT have nearly identical DNA," Borow said. "Together we are committed to delivering technology that sets a new standard for social marketing -- leveraging real insights that enable marketers to reach customers with content that drives real business results."
RelevanceRank focuses on Facebook, Twitter and LinkedIn. It helps marketers promote relevant content in real time, officials said.
"Converging paid, earned and owned social media efforts on one platform is no longer a 'nice to have' for marketers, it is a business imperative," Jessica Groopman, industry analyst with Altimeter Group, said in a statement. "Marketers are moving away from managing disparate single point providers and rapidly consolidating these efforts among a few trusted partners with fuller, more integrated offerings."