A group of venture capital firms has sold its stake in CoTweet, a web-based collaboration platform, to ExactTarget, a provider of on-demand email marketing software solutions.
The firms include Baseline Ventures, Founders Fund Management, First Round Capital, Maples Investments, Freestyle Capital and SV Angel.
After the completion of the transaction, CoTweet will operate as a business unit of ExactTarget.
The transaction will provide CoTweet an opportunity to build on ExactTarget’s business and customer relationships to help companies drive more measurable value from social media.
