Innovation

Do You Want to Be Part of the Next RIM?

With a windfall of VC funding, HootSuite is looking to acquire, not to be acquired. Could its growth mean your exit?

Written by Mira Shenker

HootSuite CEO Ryan Holmes says his company will use the $165 million in Series B funding his company just raised (the most venture capital ever raised by a software firm in Canada) to grow, not exit. In fact, Canadian Business writer Trevor Melanson thinks HootSuite has the potential to become Canada’s next RIM.

“This capital gives us additional resources to expand quickly and strategically into new markets, innovate rapidly and deliver on our vision around the world,” Holmes said in a news release.

The Vancouver-based tech company’s growth and expansion strategy will involve other companies. Matt Switzer, HootSuite’s VP of partnerships and corporate development, told Canadian Business that some of the VC money will be used to acquire other startups.

What do you say? Would you jump at the chance to be folded into “the next RIM?” Leave your comments below.

Originally appeared on PROFITguide.com