Vancouver startup HootSuite announced this morning it has acquired San Francisco-based Seesmic, a social media management platform not unlike its own.
The companies share many similarities and were both founded four years ago.
Both Seesmic and HootSuite allow users to simultaneously manage user accounts for multiple social networks, such as Facebook and Twitter.
An announcement on HootSuite's blog said, "After years of friendly competition, HootSuite CEO Ryan Holmes and Seesmic Founder Loïc Le Meur have agreed to a deal and a plan for the transition."
HootSuite will continue to support Seesmic, while transitioning business users to HootSuite's larger social media management toolset.
"I have always had a lot of respect for Seesmic's CEO, Loïc Le Meur, and the role Seesmic has played in advancing social business," said Holmes.
While terms of the transaction were not disclosed, rumours put the deal at $16 million.
