Spredfast closing will cost 47 jobs

As part of a corporate reorganization, Austin, Texas-based Spredfast, which purchased Madison-based Shoutlet in 2015, will close the Madison office, resulting in the loss of 47 jobs by Aug. 4. Many workers have already been let go.

Shoutlet was a social media marketing company that had raised at least $23 million from investors and $5 million in debt financing before being purchased, according to the Wisconsin State Journal.