Chicago PR tech firm Cision to go public in $2.4 billion merger


Cision, a Chicago-based public relations technology firm, is going public in a merger with a “blank check” acquisition firm that values the combined company at $2.4 billion.

The deal, announced Monday, will combine Cision with Capitol Acquisition Corp. III, a Washington, D.C., public investment vehicle set up specifically to merge with another business. Cision’s management team will continue to run the company, which will remain headquartered in Chicago.

Chicago-based private equity firm GTCR will retain majority ownership of the combined company, which will keep the Cision name. The transaction is expected to close in May.

Cision, a leading public relations company that uses sophisticated data platforms to pitch, develop and monitor media campaigns for its customers, has ramped up in recent years through acquisitions of PR Newswire, Gorkana and other former competitors. The company has 75,000 PR customers in 170 countries.