ExactTarget Posts 52% Growth in First Quarter, Closes $30M in Financing to Further Accelerate Growth
Investments to Fund Continued Global Expansion, Product Innovation, Acquisitions
INDIANAPOLIS (April 25, 2011) – ExactTarget, a global provider of interactive marketing solutions, announced today it continued record performance in the first quarter, increasing revenue 52 percent year over year.
The company also announced it closed $30 million in venture financing to fund key acquisitions, enter new global markets, expand its operations across North America, Europe and Asia Pacific and further accelerate innovation of its real-time interactive marketing technology. The round of financing was led by Technology Crossover Ventures (TCV) with participation from existing investors, including Battery Ventures, Scale Venture Partners and Greenspring Associates.
“The continued commitment of our investors validates our strategy of aggressive growth and innovation to provide marketers with powerful, intuitive technology to connect with their customers in real time across email, mobile, social media and the Web,” said Scott Dorsey, ExactTarget’s chairman and chief executive officer. “ExactTarget is the fastest growing marketing software as a service company, and this new capital allows us to further accelerate our momentum and scale our operations to serve clients around the globe."
Named one of the most promising venture-backed companies in America by the Wall Street Journal in March, ExactTarget posted its 41st consecutive quarter of revenue growth in the first quarter.
“Our business is to help great management teams build large and important franchises in the technology industry, and ExactTarget exemplifies the innovation, strong business growth, and leadership we seek in our portfolio companies,” said Dave Yuan, general partner at Technology Crossover Ventures. “We are excited to support the ExactTarget team as they build on their success to create the next great SaaS company and a category leader in interactive marketing.”
Key highlights of ExactTarget’s first quarter performance include:
• Entering the Japanese market through a strategic partnership with Tokyo-based NTT Communications. The partnership makes CoTweet, ExactTarget’s social media management application, available with a translated Japanese user interface that is sold and serviced through NTT Com’s Online Marketing Group,
• Launching Audience Builder, an application that allows marketers to create refined target audiences and customer segments in real time through an intuitive drag and drop interface.
• Expanding the Interactive Marketing Hub beta program to more than 500 clients worldwide, giving each an opportunity to shape the next generation of ExactTarget software that enables marketers to plan, initiate and track real-time communications on email, mobile and social platforms including Twitter and Facebook.
In the past 24 months, ExactTarget has acquired three companies, launched an international division with operations in the UK and Australia and added more than 500 employees. The company posted annual revenue growth of 41 percent in 2010 finishing the year with $134 million in revenue.
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage private and public companies. With $7.7 billion in capital under management, TCV has made growth equity, PIPE and recapitalization investments in over 170 companies leading to 47 initial public offerings and more than 30 strategic sales or mergers. Representative investments include Altiris, C|NET, eHarmony, Expedia, Facebook, Fandango, Groupon, HomeAway, Liquidnet, Netflix, Orbitz, RealNetworks, Redback Networks, RiskMetrics Group, Solect Technology, TechTarget, TradingScreen, Travelport, Webroot and Zillow. TCV has 12 partners and is headquartered in Palo Alto, California with offices in New York, NY. For more information about TCV, visit Technology Crossover Ventures.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life from start-up and expansion financing to growth equity. Battery has supported many breakthrough companies around the world, including: Akamai Technologies (NASDAQ: AKAM), Cbeyond (NASDAQ: CBEY), ITA Software (acquired by Google), LIFFE (acquired by EuroNext), and Omniture (NASDAQ: OMTR). Its current portfolio includes such emerging firms: Angie’s List, Bazaarvoice, Consona Software, Exact Target, Groupon and Skullcandy. From offices in Boston, Silicon Valley and Israel, Battery currently manages $4B in committed capital. For more information, visit Battery Ventures and follow us @batteryventures.
About Scale Venture Partners
Based in Foster City, California, the ScaleVP team is a long-standing partnership with a consistent, top quartile track record of returns. Scale Venture Partners’ insight-driven investment strategy, extensive operating networks and go-to-market expertise help identify and build leading portfolio companies in technology and healthcare markets. The ScaleVP team’s proven skill-set and active approach provides entrepreneurs a competitive advantage for growth and category leadership. Representative portfolio companies include Alimera Sciences, Discera, Frontbridge, Glu Mobile, mBlox, Monolithic Power Systems, National Healing, NComputing, Omniture, Orexigen, ScanSafe, Somaxon, Vantage Media, Waterfront Media, Xceive and Zogenix. For more information, visit Scale Venture Partners.
About Greenspring Associates
Greenspring Associates, founded in 2000, is a leading global venture capital investment firm that provides venture capital fund-of-funds, direct co-investment and customized investment partnership capabilities to its clients. Currently, Greenspring Associates manages over $1.5 billion of committed capital for clients in North America, Europe, and Australia. Greenspring Associates is a proactive and value-added investor seeking to build superior performing, globally diversified portfolios for its clients primarily in the technology, life sciences, and technology-enabled services sectors. For further information, please visit the Greenspring Associates website at Greenspring Associates or email firstname.lastname@example.org.
ExactTarget is a leading global provider of on-demand email marketing and interactive marketing solutions. The company’s Interactive Marketing Hub technology provides organizations a single solution to connect with customers via email, integrated text messaging, landing pages and social media. Supported by collaborative global services teams, ExactTarget’s technology integrates with more sales and marketing information systems than any other in the industry, including Salesforce.com, Microsoft Dynamics CRM, Omniture and Webtrends among many others. ExactTarget powers permission-based multichannel communications for thousands of organizations around the world including Expedia.com, Best Buy, Aurora Fashions, Papa John’s, CareerBuilder.com, Gannett Co., Inc., The Leukemia & Lymphoma Society, The Home Depot and Wellpoint, Inc. For more information, visit ExactTarget.
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Mitch Frazier (ExactTarget) – 317.275.5034 or mfrazier@ExactTarget.com
Shifali Erasmus-Bhagat (Kinetic.PR for TCV) – 650.315.7526 or email@example.com
Karen Bommart (Battery Ventures) – 781.478.6600 or firstname.lastname@example.org
Carol Sacks (Tenor Communications for ScaleVP) – 650.520.8261 or email@example.com
Jim Lim (Greenspring Associates) – 443.471.4272