BuzzLabs Sold to Ad Network CityGrid

In the US, advertising network CityGrid Media has acquired social media monitoring and sentiment analysis platform BuzzLabs. Terms of the deal were not disclosed.

BuzzLabs, which was founded in 2009 by former Microsoft employees Philip Lee (pictured) and Dou Shen, helps businesses manage and monitor their presence across micro-blogs, social networks, forums and media sharing sites.

CityGrid - which is owned by Ask.com parent IAC - says the acquisition will provide it with the ability to aggregate and analyze millions of pieces of content across ad networks, to produce an 'enormous repository' of business sentiment, consumer insight and trending data for its publishers and merchants.

'We share CityGrid's vision to make online content more useful; extending it to both publishers and advertisers, and helping consumers make more informed business decisions,' states Lee. 'The massive reach of CityGrid, combined with the deep social insight our technology provides, will now help local publishers and advertisers better understand and engage consumer audiences anywhere and anytime.'

Web site: www.citygridmedia.com and visit www.buzzlabs.com .