Cision, a software company dedicated to merging public relations initiatives with overall marketing efforts, today announced it has purchased PRNewswire for $841 million. Cision CEO Peter Granat (above) told Direct Marketing News the acquisition was in line with the company’s mission to serve communications professionals from influencer discovery to engagement to campaign analysis.
“We are serious about building a comprehensive platform to help our clients manage the entire communications, social media, marketing, and communications workflow,” Granat said.
PRNewsire dispenses press releases for more than 30,000 clients, including Fortune 500 multinationals, SMBs, and agencies. In a press release, Cision management said that the enhanced scale created by the merger would enable greater investments in technology innovation.
Cision bought the company from UBM plc, and the sale is dependent upon approval of UBM shareholders. The deal is expected to close by the end of the first quarter of 2016.