Three recent UW-Madison graduates found out just how quickly the world of social media commerce can work. Corey Capasso, Andrew Ferenci and Dan Reich created a company, Spinback, whose technology includes EasyShare, a system that lets consumers share products and purchases through social media and then lets companies find out how those communications translate into sales.
Spinback was created in late 2010; within months, it was purchased by Buddy Media, which calls itself the leading Faceboook management system for global advertisers. Terms of the deal were not disclosed.
"Tens of millions of websites have added sharing buttons. Very few of them, however, can actually tell you how many sales were driven by these buttons," says Michael Lazerow, founder and CEO of Buddy Media, in a written statement. "With this acquisition, Buddy Media can now answer the question, ‘What is the return on investment of social media?' better than anyone else in the market."
While they no longer live in Wisconsin, Capasso and Ferenci earned bachelor's degrees from the UW-Madison School of Business in 2009; Reich is a 2008 graduate of the UW-Madison College of Engineering.