Insight

Property Trax: Shoutlet adds new office space, more than doubling its footprint, after $15 million capital infusion in June.

August 10, 2012
Fresh off a $15 million investment that will bankroll rapid company growth over the next several months, Madison-based Shoutlet has signed its first new leases for additional office space.

Represented by commercial real estate agents from Cresa Madison and Cresa Milwaukee, Shoutlet, a social media marketing company founded in 2010, in early August added 65 percent more space to its Madison headquarters and added a new Milwaukee work space.

Counting both locations, the 24,980 square feet of total Class A office and creative space that Shoutlet now occupies more than doubles its previous footprint of 11,309 square feet at 1 Erdman Place in Madison.

Separately, Shoutlet’s new lease arrangements provide an additional 7,336 square feet at Erdman Place and 6,214 square feet at the Wirth and Hammel Stable Shops in Milwaukee’s historic Third Ward.

In a statement issued with Cresa, Shoutlet President and COO Aaron Everson said the Milwaukee office, to consist of mostly software engineers, would hire between 10 and 20 employees in the next 18 months.

The expanded Madison headquarters, meanwhile, is expected to add another 40 to 50 jobs in that time period, Everson said.

More staff would be added as the company opens more planned offices in the next year and a half -- in New York, San Francisco and London, according to this story by State Journal reporter Judy Newman in June announcing Shoutlet’s $15 million capital infusion from FTV Capital, a venture fund with offices in San Francisco and New York.

Shoutlet CEO Jason Weaver in that story said the Milwaukee office would develop mobile applications and a new advertising platform. Shoutlet in June had 86 employees, with total company funding since 2010 of $24.2 million. It has not disclosed annual revenues.

Shoutlet offers companies a self-serve platform they can use to create, publish and measure their social marketing campaigns and activities on Internet applications such as Facebook, Twitter and YouTube.

Everson said the new office space would help Shoutlet speed up product innovation, grow its strategic partner network and increase staff across all departments, including larger account management and technical support departments.

Cresa Managing Principals Steve Palec and Tim Rikkers represented Shoutlet in the new lease transactions.