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It's been a rough week for the world's most prominent social networking company, Facebook, and the week isn't over yet, but that doesn't mean that social media is going away any time soon.
That explains why software giant Oracle has purchased cloud-based social marketing platform provider Vitrue.
According to Oracle, "The proliferation of social media has changed the way that organizations and consumers interact" and combining Vitrue's platform with Oracle's existing offerings, the company will be to drive "meaningful customer engagements with consistent brand experiences across all channels and media", boost ROI from social media marketing campaigns and improve social customer service.
While terms of the acquisition have not been disclosed, TechCrunch is reporting that Oracle paid $300m to seal the deal. According to TechCrunch's Ingrid Lunden and Josh Constine, Vitrue, which had raised $33m in venture funding, was on pace for $100m in revenue this year and had a number of suitors eying its business.
$300m, of course, is a drop in the bucket for Oracle, but if the number is accurate, it does highlight the perceived value of platforms that enable companies to manage their social media profiles across numerous properties. Vitrue, like other social media management platform providers, gives businesses a more efficient way of managing accounts on the most popular social sites, including Facebook, Twitter, YouTube and Pinterest.
In the final analysis, that may prove to be one of the more lucrative aspects of the social media ecosystem. As we learned when GM announced it was pulling its paid Facebook ads, a lot of money is being invested in the management of free social media profiles, such as Facebook Pages. In fact, GM's investment in its Facebook Page was three times higher than its investment in paid Facebook ads.
If GM's experience is any indication, the smart money may continue to play social media through acquisitions like the one Oracle just announced.