HootSuite in ‘no rush’ to float
Social media platform HootSuite is in "no rush" to launch an initial public offering (IPO), its CEO Ryan Holmes told CNBC on Thursday at the Web Summit in Dublin.
HootSuite, which enables users to schedule and analyse posts across a variety of social media from one web page, recently raised $165 million in capital funding led by Insight Venture Partners, the private equity which also invested heavily in Twitter. HootSuite's other main investor, Accel Partners, was the biggest pre-IPO investor in Facebook.
"We're building a company that looks like an IPO company – we're not in a rush to get there," Holmes said. "We'll see what happens over the next few years, but our focus now is to build a great business."
(Read more: Facebook profit beats, but says teens are tuning out)
Last month, Twitter announced that it was to make its market debut on the New York Stock Exchange. This highly anticipated IPO follows that of Facebook, whose listing fell short of expectations when it raised $16 billion on the Nasdaq stock exchange in May 2012.
"When Facebook IPO-ed there was a lot question marks about how they were going to succeed on this," Holmes said. "I think they've done an amazing job of figuring out mobile over the time since they've been out, and you've seen them get more sophisticated in terms of what they're doing there."
(Slideshow: Who were Facebook's pre-IPO investors?)
Facebook reported third-quarter results that beat expectations Wednesday, as robust growth in its mobile advertising business drove a 60 percent increase in revenue.
But during a call following the results, Facebook's Chief Financial Officer David Ebersman admitted that although youth engagement was stable, younger teens saw a decrease in daily active users. The news caused Facebook's stock to erase gains.
Holmes, however, said this pointed towards the emergence of more, different social networks such as Pinterest, Snapchat and Instagram, which were seeing significant growth.
(Read more: Why Twitter's IPO should be more like Facebook's)
"We've seen that social media and networking is here to stay. That specific (statistic) really speaks to the emergence of other social networks and social channels," Holmes said.
"In some ways for us, it's a good thing. To have more social networks is actually a valuable thing for consumers, but also it builds our value prop of helping people manage a lot of different social networks."