Funding Will Enable Premium Online Ad Network to Further Accelerate Growth
in Domestic and International Markets
NEW YORK, March 31 /PRNewswire/ -- 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
U.S. and international markets. Currently, Undertone has offices in seven
major media markets across the U.S. and offers a full suite of interactive
advertising solutions that include video, behavioral targeting and high
impact ad solutions across a collection of the Internet's most well known
and regarded Web properties.
"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 New York and has offices in Atlanta, Chicago,
Dallas, Detroit, Los Angeles and San Francisco. For more information,
please visit http://www.undertonenetworks.com.
About JMI Equity
JMI Equity, based in Baltimore and San Diego, is a private equity firm
exclusively focused on investments in growing software and business
services companies at all stages of their lifecycles. Founded in 1992, JMI
has invested in more than 90 companies throughout North America and has
approximately $1.3 billion of committed capital under management. JMI
provides the first institutional capital to self-funded companies, partners
with management teams to acquire or recapitalize market leading companies
and selectively makes investments in early-stage companies. Representative
investments include Blackbaud, DoubleClick, Kronos and Unica. For more
information on JMI, visit http://www.jmiequity.com.
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 http://www.orixventurefinance.com.
Press Contacts:
Jessica Packard for Undertone Networks
Peppercom
212.931.6170
jpackard@peppercom.com
Chuck Dohrenwend for JMI Equity
The Abernathy MacGregor Group
212-371-5999
SOURCE Undertone Networks
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Related links:
http://www.undertonenetworks.com
http://www.jmiequity.com
http://www.orixventurefinance.com
CONTACT:
Jessica Packard of Peppercom,
+1-212-931-6170, jpackard@peppercom.com, for Undertone Networks;
or Chuck Dohrenwend of The Abernathy MacGregor Group,
+1-212-371-5999, for JMI Equity
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