Austin Ventures has committed $50 million to create ATCOR Holdings Inc., an acquisition platform focused on the online advertising, marketing and digital media sector. It will be run by Sherman Atkinson, former COO of Intermix Media.
Austin Ventures, (“AV”), today announced that it has entered into a partnership with Sherman Atkinson to form ATCOR Holdings, Inc. The new company will focus on acquiring and operating businesses in high-growth sectors of online advertising, marketing and digital media. AV has committed $50 Million of equity capital to support management's strategy to build a leading new media franchise through both organic growth and acquisition. Mr. Atkinson will serve as Chief Executive Officer of ATCOR.
Prior to forming ATCOR, Mr. Atkinson served as the COO of Intermix Media, Inc. (AMEX: MIX), a publicly traded, new media company that owned MySpace.com. During his tenure as COO, its public market capitalization grew from $126 million to over $650 million, when it was acquired by News Corporation (NYSE: NWS) in October 2005. Before joining Intermix Media, Mr. Atkinson served as COO of Buy.com, The Internet Superstore