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Fastclick Completes $75 Million Series A Round
Online Marketing Services Firm Continues Aggressive Expansion
SANTA BARBARA, Calif., November 1, 2004 - Fastclick.com, Inc., a leader in online direct response marketing services, today announced it has completed a $75 million Series A round led by Highland Capital Partners and Oak Investment Partners. Steamboat Ventures, the venture capital arm of The Walt Disney Company, also participated in the financing.
"This funding validates our prospects for continued aggressive growth in the online advertising market, building on the continuous success we have achieved over the past four years," said Kurt Johnson, Fastclick Chief Executive Officer. "Fastclick has become known for its revolutionary optimization technology and for maximizing advertisers' return on investment and this funding allows us to strategically expand our capabilities into new areas of growth."
As part of the transaction, Fastclick completed a share repurchase plan of the company's common stock. The balance of new capital will be used for strategic initiatives and general corporate purposes. In conjunction with the transaction, Bob Davis and Dan Nova from Highland and Fred Harman from Oak will join the Fastclick board.
"We are extremely pleased to partner with the Fastclick team," said Bob Davis, Partner with Highland and the founder and former CEO of Lycos. "Fastclick holds a leadership position in what is projected to be a $15 billion industry. We believe Fastclick's ability to provide results-driven solutions for online marketers bode well for their future growth and continued success."
"Fastclick has rapidly emerged as one of the leading interactive marketing services companies. Their focus on serving the direct response market via their ad network coupled with optimization technology is delivering significant ROI to its customers," said Fred Harman, General Partner at Oak Investment Partners. "Fastclick's strong talent, leadership and innovative market solutions has positioned the company for exciting growth in the coming years."
"The Internet is the most dominant marketing channel for companies today and Fastclick provides best-in-class media and technology solutions to help advertisers capitalize on this medium," said Dan Nova, Managing General Partner at Highland. "We were impressed with Fastclick's innovative approach to online advertising and felt it set them apart from the competition and has them well positioned for future success."
"We were very fortunate to have worked with Bob Davis, Dan Nova and Fred Harman in completing this transaction. Their expertise in the on-line services sector will serve us well as we continue to develop our business. We are also pleased to have the support of Steamboat Ventures and access to the strength of the Disney, ESPN and ABC brands, their online properties and advertising reach," Kurt Johnson added.
Perseus Group LLC, the San Francisco-based investment banking firm, acted as financial advisor to Fastclick in managing the private placement process.
About Fastclick
Fastclick (www.fastclick.com) is a leader in online direct response marketing services, providing revolutionary optimization technology to maximize advertisers' return on investment. The Fastclick Ad Network delivers targeted advertising to over 80 million unique Internet users each month through a network of over 7,500 websites. Fastclick AdServer (www.adserver.com) provides industry-leading ad-serving technology, equipping customers with the tools and information they need to effectively manage their online advertising activity for superior marketing results. For more information about Fastclick, visit www.fastclick.com or call (805) 568 5334.
About Highland Capital Partners
Highland Capital Partners was founded in 1988 with the mission of helping great people with great ideas build great companies. As one of the most active investors in the venture capital industry, the firm emphasizes a team-oriented approach in providing the right mix of strategic guidance, hands-on leadership, and deep industry domain expertise for helping entrepreneurs and their teams become market-leading organizations. Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, Be Free, CheckFree, EXACT Sciences, Lycos, MapQuest, Ocular Networks, Odyssey Healthcare, PRAECIS PHARMACEUTICALS, Sybase, Telica and WebLine Communications. For more information, visit Highland's web site at www.hcp.com
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm with a total of $5.8 billion in committed capital. Investments are primarily focused on growth opportunities in internet/enterprise software and services, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail. Over a 25-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 350 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments. A representative list of Oak portfolio companies includes Aquantive, Compaq, Inktomi, InterNAP, Parametric, Pivotal, Polycom, Primus, Seagate, Sybase, Synopsys, Tensilica, Wellfleet, and Wireless Facilities. For more information, please visit www.oakvc.com
About Steamboat Ventures
Steamboat Ventures (Burbank, CA) is the venture capital arm of The Walt Disney Company (NYSE: DIS) and invests in early- to mid-stage technology-focused companies that are pursuing opportunities in emerging media and entertainment markets. Steamboat helps build relationships between the companies it invests in and Disney, ESPN and ABC, and provides access to a broad network of industry leaders. Other companies backed by Steamboat Ventures include Iridigm Display Corp., Pure Digital Technologies, EMN8 and BitPass. For more information, visit www.steamboatvc.com
SANTA BARBARA, Calif., November 1, 2004 - Fastclick.com, Inc., a leader in online direct response marketing services, today announced it has completed a $75 million Series A round led by Highland Capital Partners and Oak Investment Partners. Steamboat Ventures, the venture capital arm of The Walt Disney Company, also participated in the financing.
"This funding validates our prospects for continued aggressive growth in the online advertising market, building on the continuous success we have achieved over the past four years," said Kurt Johnson, Fastclick Chief Executive Officer. "Fastclick has become known for its revolutionary optimization technology and for maximizing advertisers' return on investment and this funding allows us to strategically expand our capabilities into new areas of growth."
As part of the transaction, Fastclick completed a share repurchase plan of the company's common stock. The balance of new capital will be used for strategic initiatives and general corporate purposes. In conjunction with the transaction, Bob Davis and Dan Nova from Highland and Fred Harman from Oak will join the Fastclick board.
"We are extremely pleased to partner with the Fastclick team," said Bob Davis, Partner with Highland and the founder and former CEO of Lycos. "Fastclick holds a leadership position in what is projected to be a $15 billion industry. We believe Fastclick's ability to provide results-driven solutions for online marketers bode well for their future growth and continued success."
"Fastclick has rapidly emerged as one of the leading interactive marketing services companies. Their focus on serving the direct response market via their ad network coupled with optimization technology is delivering significant ROI to its customers," said Fred Harman, General Partner at Oak Investment Partners. "Fastclick's strong talent, leadership and innovative market solutions has positioned the company for exciting growth in the coming years."
"The Internet is the most dominant marketing channel for companies today and Fastclick provides best-in-class media and technology solutions to help advertisers capitalize on this medium," said Dan Nova, Managing General Partner at Highland. "We were impressed with Fastclick's innovative approach to online advertising and felt it set them apart from the competition and has them well positioned for future success."
"We were very fortunate to have worked with Bob Davis, Dan Nova and Fred Harman in completing this transaction. Their expertise in the on-line services sector will serve us well as we continue to develop our business. We are also pleased to have the support of Steamboat Ventures and access to the strength of the Disney, ESPN and ABC brands, their online properties and advertising reach," Kurt Johnson added.
Perseus Group LLC, the San Francisco-based investment banking firm, acted as financial advisor to Fastclick in managing the private placement process.
About Fastclick
Fastclick (www.fastclick.com) is a leader in online direct response marketing services, providing revolutionary optimization technology to maximize advertisers' return on investment. The Fastclick Ad Network delivers targeted advertising to over 80 million unique Internet users each month through a network of over 7,500 websites. Fastclick AdServer (www.adserver.com) provides industry-leading ad-serving technology, equipping customers with the tools and information they need to effectively manage their online advertising activity for superior marketing results. For more information about Fastclick, visit www.fastclick.com or call (805) 568 5334.
About Highland Capital Partners
Highland Capital Partners was founded in 1988 with the mission of helping great people with great ideas build great companies. As one of the most active investors in the venture capital industry, the firm emphasizes a team-oriented approach in providing the right mix of strategic guidance, hands-on leadership, and deep industry domain expertise for helping entrepreneurs and their teams become market-leading organizations. Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, Be Free, CheckFree, EXACT Sciences, Lycos, MapQuest, Ocular Networks, Odyssey Healthcare, PRAECIS PHARMACEUTICALS, Sybase, Telica and WebLine Communications. For more information, visit Highland's web site at www.hcp.com
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm with a total of $5.8 billion in committed capital. Investments are primarily focused on growth opportunities in internet/enterprise software and services, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail. Over a 25-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 350 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments. A representative list of Oak portfolio companies includes Aquantive, Compaq, Inktomi, InterNAP, Parametric, Pivotal, Polycom, Primus, Seagate, Sybase, Synopsys, Tensilica, Wellfleet, and Wireless Facilities. For more information, please visit www.oakvc.com
About Steamboat Ventures
Steamboat Ventures (Burbank, CA) is the venture capital arm of The Walt Disney Company (NYSE: DIS) and invests in early- to mid-stage technology-focused companies that are pursuing opportunities in emerging media and entertainment markets. Steamboat helps build relationships between the companies it invests in and Disney, ESPN and ABC, and provides access to a broad network of industry leaders. Other companies backed by Steamboat Ventures include Iridigm Display Corp., Pure Digital Technologies, EMN8 and BitPass. For more information, visit www.steamboatvc.com
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