Private equity firm Spectrum Equity has invested over $50 million in Extreme Reach and acquired a minority stake in the provider of cross-platform
advertising services and technologies.
Specific details and financial terms of the investment were not disclosed.
"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 in a statement. "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."
The funding will be used to support Extreme Reach's rapid growth and possible acquisitions, the company noted.
Extreme Reach currently has 225 employees across ten North American offices and works with more than 3,000 advertisers and ad agencies. During 2012, it more than doubled its annual revenue and is "on track to exceed an annual revenue run rate of $100 million by the end of this year," the company noted.
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