Private equity firm GTCR plans to combine two cloud-based public relations software firms into a single company.
Vocus Inc. and Cision AB will be merger under a plan announced Monday by GTCR Canyon Holdings Inc., a unit of Chicago-based GTCR. Vocus, based in Beltsville, Maryland, provides cloud-based public relations and marketing software. Cision is based in Stockholm, Sweden. GTCR bought Vocus on April 7 for about $446.5 million cash and gained control of Cision in late April after a tender offer.
“Combining Cision and Vocus will allow us to leverage each company’s strengths across a larger combined customer base, accelerate investment in innovative functionality and increase adoption of public relations and marketing software worldwide,” GTCR managing director Mark Anderson said in a news release.
Peter Granat, who was chief executive officer of Cision AB, has been appointed chief executive of the combined operation.