Summary List Placement
In 2019, Cision, the world’s largest public relations software company, snapped up one of its most formidable competitors, Trendkite, for $225 million.
Now, documents obtained by Business Insider shows Cision’s private equity owner, Platinum Equity, has been trying to sell Trendkite and its media contact database InsightPool.
The development comes as Cision is trying to acquire rival Meltwater, the second-largest PR software company, and the Department of Justice has explored whether such a deal would hurt competition, multiple sources have told Business Insider.
Cision declined to comment. Business Insider reached out to Platinum for comment, but a spokesperson didn’t respond by press time.
The deck slides showcase Trendkite and InsightPool’s capabilities
Trendkite is a media monitoring and analytics company that was considered a top disrupter in PR software before it sold to Cision, according to two PR professionals who use these tools regularly.
An email sent to a potential buyer last week stated Platinum was selling Trendkite and InsightPool as part of a “broader post-closing portfolio review.”
Key slides from an accompanying pitch deck highlight their collective monitoring tool, analytics capabilities, media database with more than $1 billion contacts, and “marquee customer base” that includes Nordstrom, Adidas, Edelman, and Live Nation.
A person contacted about the potential deal said Rothschild & Co. was advising Cision and Platinum Equity. Rothschild advised Cision during its sale to Platinum Equity in 2019.
Business Insider emailed Rothschild for comment, but a spokesperson didn’t respond by press time.
Another source who saw the entire pitch deck said Cision and Platinum were not only selling the core products of Trendkite and InsightPool, but also its customers and revenue, which the presentation said was worth tens of millions. Both sources said Rothschild & Co. did not specify if Cision was looking to sell the companies in connection with a Meltwater deal.
Read the slides below:
SEE ALSO: Cision and Meltwater, the two largest PR software companies, are planning a merger, and the DoJ has explored whether it would hurt competition
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Source:: Business Insider