Specific Media, an
Specific Media, the number three-ranked advertising network according to the September comScore rankings, today announced that it has closed a Series B financing with Francisco Partners, a leading technology-focused private equity firm with approximately $5 billion under management. Francisco Partners will fund the company with up to $100 million, with access to further resources as necessary, to support Specific Media's growth.
Specific Media has earmarked this new round of funding for acquisitions that build on the company's current platform. This commitment represents one of the 20 largest technology growth capital deals made worldwide in 2007 to date. Investment bank Piper Jaffray advised Specific Media on the transaction.
The online advertising industry has recently seen an unprecedented flurry of high-profile acquisitions that have highlighted the market's strategic value and steadily growing importance in the global advertising market. In this climate of increased activity and with the consolidation still far from finished, Specific Media aims to continue its rapid growth.
“The online advertising space continues to be one of the most attractive segments of the technology market. Specific Media's combination of experienced management, strong technology, marquis customers and broad reach makes it well positioned to continue to solidify a leadership position in the industry,” said Neil Garfinkel, a co-founder of Francisco Partners, who will also join the board of directors for Specific Media.
Utilizing Specific Media's broad network and powerful targeting technologies, advertisers reach highly specific audiences such as independent and business-minded men, ages 25-54, living in large metro areas. Specific Media offers brand advertisers a complete