Cuadrilla Capital, an investment firm, has acquired Chartbeat, an online traffic measurement company. Axios reports.
“As more and more folks get focused on subscriptions and long-term value, I think Chartbeat becomes a product that adds value beyond what it’s being used for today,”John Saroff, Chartbeat CEO, told the outlet.
Representatives for Chartbeat and Cuadrilla Capital did not immediately respond to ’s request for comment.
Chartbeat is a website traffic measurement and analysis tool for online publishers. Cuadrilla Capital will provide additional resources to help Chartbeat expand. The company’s ambition is develop a roster of services that media companies can use to support editorial visions and grow their reach.
The company’s management team, along with its 60 employees, will remain in place following the finalization of the deal. The terms of the sale were not disclosed. Chartbeat will continue to operate as an independent entity. “It’s kind of like growing equity plus,”Saroff spoke highly of the pact.
Chartbeat’s CEO stated that Chartbeat was profitable in the second half of 2019, and that it has been steadily growing ever since. Axios reports that Chartbeat generates mid-eight figures annually in revenue. Chartbeat has 600 clients, but 90% of its revenue comes from media companies.
Chartbeat was originally launched as part of Betaworks, a startup incubator. It has raised over $30 million since then.
More to come…