Spectrum Equity has put more than $50 million into video platform Extreme Reach Inc., taking a minority stake in the company. The money will go toward expansion and acquisitions. Extreme Reach is headquartered in Needham, Mass.
Extreme Reach, Inc., the leading video platform for integrated TV, online and mobile advertising, announced today a significant investment by Spectrum Equity, a leading growth equity firm focused on the information economy. Spectrum Equity’s investment is in excess of $50 million for a minority stake in Extreme Reach. The financing will support the company’s rapid growth and expansion through acquisitions.
“The convergence of video advertising across multiple screens creates both challenges and opportunities for advertisers. Our platform is the industry’s first to enable advertisers to execute and measure video campaigns across every screen,” said John Roland, Chairman and CEO of Extreme Reach. “We are on an extraordinary growth path as we continue to expand the cross-media capabilities of our platform for our rapidly growing roster of advertising clients. We are very pleased to welcome Spectrum Equity as a partner as we take Extreme Reach to the next level.”
“Extreme Reach is a highly profitable growth platform which we believe is well positioned to address the rapid expansion and convergence of TV and online video advertising,” commented Jim Quagliaroli, Managing Director at Spectrum Equity. “We are excited by the opportunity to work with the Extreme Reach team to build upon their success in bringing transformative change to the fragmented ad industry.”
“Spectrum has followed the success of this talented, proven management team over the last few years as they’ve consistently grown and attracted the world’s most influential advertisers and agencies,” added Jake Heller, Vice President at Spectrum Equity. “They’ve created a unique culture focused on category leadership and innovation. We believe they have the platform and the experience to compete and win on a global scale.”
Extreme Reach, which today has 225 employees across ten North American offices, is one of America’s fastest growing private companies. The company more than doubled its annual revenue in 2012 and is on track to exceed an annual revenue run rate of $100 million by the end of this year. Extreme Reach provides integrated advertising solutions to more than 3,000 advertisers and ad agencies, including the world’s largest retail, beverage and automotive brands.
In connection with the investment, Quagliaroli and Heller have joined the Board of Directors. Specific details and financial terms of the investment were not disclosed.
About Extreme Reach
Extreme Reach is the leading provider of cross-media video advertising solutions that span TV, Web, Mobile and all other video media. The Extreme Reach video platform enables the seamless management, delivery and measurement of multi-screen advertising campaigns. The company’s cross-media video ad delivery network is the largest in the industry. The company is headquartered in Needham, Mass., with offices in New York, Chicago, Burbank, Detroit, San Francisco, Dallas, Seattle, Louisville and Toronto. For more information on Extreme Reach, visit extremereach.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm that provides capital and strategic support to innovative companies in the information economy. Spectrum is an active investor in Software & Information Services and Internet & Digital Media businesses including Ancestry.com (ACOM, acquired by Permira), Demand Media (DMD), iPay Technologies (acquired by Jack Henry), lynda.com, NetQuote (acquired by BankRate), Passport Health Communications, Pictometry, RiskMetrics Group (RISK, acquired by MSCI), Seamless, SurveyMonkey, and World-Check (acquired by Thomson Reuters). Founded in 1994 with offices in Boston and Menlo Park, Spectrum has raised $4.7 billion in capital across six funds.