Undertone Networks, a New York-based online advertising network, has raised an undisclosed amount of VC funding from JMI Equity. It also raised leveraged financing led by Orix Venture Finance.
PRESS RELEASE
Undertone Networks, a premium online advertising network, announced today that it has received a strategic investment from JMI Equity. JMI, a private equity firm exclusively focused on investments in growing software and business services companies, will work closely with Undertone's management team to help the company continue to grow, deliver innovative services to its clients and create opportunities for its employees. As part of the transaction, Brad Woloson, a General Partner at JMI, has joined Undertone's Board of Directors. ORIX Venture Finance led the financing for the transaction. Terms of the investment were not disclosed.
Working with leading traditional and digital advertising agencies and their clients, Undertone executes and strategically manages online advertising campaigns that allow clients to maximize their return on investment. The funding from JMI will enable Undertone to accelerate new product development and research, and further expand its presence in both
“JMI understands our business and will help us execute our strategy of showing leading marketers how a network like Undertone can be effective for both brand and direct response initiatives,” said Michael Cassidy, Chief Executive Officer, Undertone. “JMI's expertise in our market is highlighted by its recent investment in DoubleClick and we believe JMI will provide us with the guidance we need to expand our platform and our global presence, while continuing to provide innovative services to clients and opportunities to employees.”
“In the crowded ad network marketplace, Undertone has distinguished itself by bringing accountability to the space by establishing itself as the only ad network focused exclusively on high-end Web publishers,” said Mr. Woloson of JMI. “We are pleased to have the opportunity to work closely with Michael and the Undertone team to enhance the company's unique platform and offerings by building on Undertone's well-earned market leadership position and reputation for innovation and creativity.”
The Jordan, Edmiston Group, Inc. represented Intercept Interactive, the parent company of Undertone, in the transaction and acted as its exclusive financial advisor. JMI was advised by Goodwin Procter, LLP.
About Undertone Networks
Undertone Networks, an Intercept Interactive company, is a premier online advertising network comprised of today's top media properties. Undertone provides online solutions that help advertisers achieve their brand and performance-based initiatives via a comprehensive selection of ad formats, rich media, targeting capabilities and personalized service. The company is headquartered in
About JMI Equity
JMI Equity, based in
About ORIX Venture Finance
ORIX Venture Finance provides enterprise financing to mid- and late-stage venture capital-backed companies via acquisition financing, expansion capital, working capital term loans and credit lines, and equity co-investments. The Venture Finance team, staffed with highly seasoned venture lending professionals, meets the challenges facing growth companies by structuring flexible financing packages that meet your unique needs. We are a stable and reliable partner dedicated to supporting the growth and success of professionally backed companies with a range of debt products. For more information, visit www.orixventurefinance.com.
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