Investment firm Cuadrilla Capital is beefing up its software business by acquiring online traffic measuring company Chartbeat, Axios reports.
“As more and more folks get focused on subscriptions and long-term value, I think Chartbeat becomes a product that adds value beyond what it’s being used for today,” Chartbeat CEO John Saroff told the outlet.
Representatives for Chartbeat and Cuadrilla Capital did not immediately respond to TheWrap’s request for comment.
Chartbeat helps to measure and analyze website traffic for online publishers and will now look to expand through the additional resources provided by Cuadrilla Capital. The company’s ambition is develop a roster of services that media companies can use to support editorial visions and grow their reach.
The company’s management team, along with its 60 employees, will remain in place following the finalization of the deal. Financial terms of the sale, which will see the fully acquired Chartbeat still operate independently, were not disclosed. “It’s kind of like growing equity plus,” Saroff said of the pact.
The CEO said Chartbeat reached profitability during the latter half of 2019 and has been consistently growing since, generating mid-eight figures in annual revenue, per Axios. Around 90% of that revenue is derived from large media companies, though Chartbeat counts roughly 600 clients among its roster.
Chartbeat initially launched in 2009 as part of startup incubator and investment firm Betaworks and has since raised more than $30 million in funding over the last 12 years.
More to come…
