CPXi Raises $30 Million in Funding
CPXi Raises $30 Million in Funding to Fuel Growth of Programmatic Media and Programmatic Creative Technology and Services
Company Records $111M in 2013 Revenue, Promotes Jeff Hirsch to President and Adds Two New Board Members
NEW YORK—March 26, 2014—Global digital media holding company CPXi announced today that it has closed a $30 million funding round from the Business Development Corporation of America (BDCA). The funds will be used to invest in the growth of CPXi’s programmatic creative and programmatic media technology and services. Additionally, funds will be used for general corporate purposes.
“This funding will allow CPXi to invest more heavily in programmatic, the natural progression of where we need to go, to attract more brand dollars to programmatic buying. We’re also looking to procure deals with new partners and further invest across our divergent business units,” said Michael Fleischman, Chief Financial Officer, CPXi.
CPXi saw tremendous growth in 2013 with the acquisition of programmatic creative and demand-side platform AdReady, a Seattle-based company with a healthy stable of entertainment, sports and travel clients, including Alaska Airlines, the Anaheim Ducks, Los Angeles Galaxy, San Antonio Spurs and Anschutz Entertainment Group, and longstanding partnerships with Yahoo! and ESPN. CPXi revenue and overall numbers were up 49 percent compared to 2012 – hitting $111 million by the end of 2013 ($123M pro forma including a Q4 2013 acquisition) – earning CPXi a spot on Forbes’ “America’s Most Promising Companies” list.
In today’s programmatic media space, programmatic creative has enabled advertisers to keep pace with the evolving industry by leveraging automation technology in order to execute creative strategies. “The widespread adoption of programmatic strategies has offered greater efficacy and stronger consumer marketing success for the entire digital industry,” said CPXi CEO Mike Seiman. “Advertisers of all sizes can access programmatic creative to compete in the vastly profitable display advertising game. Programmatic creative enables marketers to do themselves what once took a whole team of agency staffers, thus leveling the playing field and providing sophisticated display advertising capabilities to all advertisers.”
In related news, CPXi also announced Jeff Hirsch, current CMO, has been promoted to the role of President, where he will continue to be responsible for sales and marketing. The company also expanded its Board of Directors with Nick Pahade, CEO at Poptent, and Janet Balis, Partner and CRO at betaworks joining the team.
The digital advertising industry is continuously evolving, allowing for greater opportunities for companies to innovate the way CPXi has done with its programmatic creative solutions. CPXi has experienced significant growth and will continue to advance in 2014 by utilizing this investment of $30M. Waller Capital served as the exclusive financial advisor to CPXi on the funding.