It wasn’t so long ago that CMOs and marketers came to realise they were under-resourced in managing their rapidly expanding digital activities. In fact, many marketing departments are still today far from optimal resourcing levels, if not noticeably below.
Digital marketing vendor, MediaMath, has raised US$175 million (AUD$188.9m) as part of efforts to take its ad and media management technology global.
The US$175m figure includes $73.5m raised in a Series C financing round led by Boston-based growth equity firm and noted technology industry investor, Spring Lake Equity Partners. Other investors include Akamai Technologies, Safeguard Scientifics, Catalyst Investors and Observatory Capital. MediaMath has also increased its debt facility to $105m.
Founded in 2007, MediaMath’s flagship product is its TerminalOne Marketing Operating System, a demand-side platform (DSP) for digital marketers that delivers real-time bidding and optimisation of media properties, cross-channel campaign automation and data management.
MediaMath CEO, Joe Zawadzski, welcomed Spring as an investor as a boost to the group’s leadership position in the industry. Spring’s portfolio includes Force10 Networks, Adaptive Computing, ArcSoft and Wavelink.
“Spring’s strategic insights, deep relationships and significant resources will play an important role in this next phase of the company’s and the industry’s evolution, helping us continue our global expansion and technological innovation,” he said.
MediaMath said the money will be used to support new international offices in Asia-Pacific, Latin America and EMEA, as well as accelerate new products and features to its TerminalOne Marketing Operating Systems.
“We have been looking to back a leader in the digital marketing space for quite some time,” Spring Lake Equity Partners partner, Dan MacKeigan, said. “MediaMath’s leading industry position, buoyed by its remarkable triple-digit year-on-year growth and best-in-class marketing platform, presented us with an opportunity that we could not pass up.”