SAN FRANCISCO, May 30, 2017 /PRNewswire/ -- Lithium Technologies, Inc., the market leader in cloud-based social media management and online community solutions, today announced that it has entered into a definitive agreement to be acquired by Vista Equity Partners ("Vista"), a leading private equity firm focused on investments in software, data and technology-enabled businesses. Lithium's Board of Directors has unanimously approved the transaction. Terms of the transaction were not disclosed.
"This marks a new chapter for Lithium, and the next step in creating the leading Digital Customer Experience company," said Rob Tarkoff, President and CEO of Lithium. "Our vision of helping brands build amazing digital customer experience at scale remains the same, and we will continue to develop the leading engagement platform to provide more value to our customers. This transaction with Vista gives us the opportunity to accelerate our plans to create a consolidated Digital Customer Experience software stack that will be the best in class for enterprise brands."
Lithium becomes part of the Vista family having achieved record revenue for the fiscal year ended on January 31, 2017 and for its fiscal first quarter ended April 30, 2017. Furthermore, Lithium reached a record number of customer submissions for the annual 'Lithy' awards (130 submissions), with winners to be announced at The 2017 Lithy Awards Ball, held at the NASDAQ Entrepreneurial Center on Wednesday, June 14, 2017.
"We are thrilled to partner with the team at Lithium to help the company accelerate its growth and innovation, as well as extend its market leading position in Digital Customer Experience. We are delighted to bring Lithium into the Vista family," said Alan Cline, Principal at Vista Equity Partners and Co-Head of the Vista Foundation Fund.
Lithium will maintain its headquarters in San Francisco and continue to operate business as usual. The transaction is currently expected to close within 30-45 days, subject to customary closing conditions, including certain Lithium stockholder approvals, customary regulatory approvals and the satisfaction of certain other customary conditions.
Lithium delivers awesome digital customer experiences at scale for the world's biggest brands including Airbnb, AT&T and Sephora. Comprising Social Media Management and Communities, the Lithium engagement platform enables brands to manage multiple digital touchpoints, facilitate millions of conversations, and drive smarter decisions through data – connecting customers, content and conversations at the right digital moment. Lithium has a massive digital footprint with approximately 480 million new digital interactions analyzed daily, 100 million monthly visitors across its Online Communities, and 850 million online profiles scored through Klout.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based investment firm with offices in Austin, San Francisco, Chicago, and Oakland with more than $30 billion in cumulative capital commitments, currently invests in software, data and technology-enabled organizations led by world-class management teams with long-term perspective. Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lithium-enters-into-definitive-agreement-to-be-acquired-by-vista-equity-partners-300465496.html
SOURCE Lithium Technologies, Inc.