Boulder's Lijit snapped up by advertising company Federated Media
Oct 04, 2011 (Menafn - Daily Camera - McClatchy-Tribune Information Services via COMTEX) --Advertising and publishing company Federated Media has acquired Lijit Networks, a Boulder-based digital media analytics firm, the companies announced Tuesday.
Financial terms of the deal were not disclosed; however, a Lijit investor who will become a Federated Media director said the acquisition "ranks among the most significant outcomes for the region in the past 10 years."
As a result of the transaction, the venture-backed and privately held Lijit will become a wholly owned subsidiary of Federated Media, which has offices in San Francisco and New York. All existing Lijit employees are expected to remain at the Boulder office, officials said, adding the company could hire 30 to 40 more workers before the end of the year.
Earlier this year, Lijit used 10 million in recently acquired venture funds to launch a real-time online advertisement bidding technology to allow small- and medium-sized businesses to get a foothold in a burgeoning 350 million sector.
By August, real-time bidding accounted for about 40 percent of Lijit's revenue stream -- estimated to hit just over 12 million by the end of this year, officials told the Camera at the time.
In addition to maintaining their current roles, some of Lijit's top executives will assume senior positions at Federated Media. Todd Vernon, Lijit's chief executive officer and founder, will become Federated Media's executive vice president of technology; Manny Puentes, chief technology officer, will be Federated's senior vice president of technology; and Walter Knapp, chief operating officer, will be senior vice president of platform revenue.
Seth Levine, managing director of Boulder-based equity firm and Lijit lead investor The Foundry Group, will join Federated Media's board of directors.
Lijit's investors include the Foundry Group, Boulder Ventures, High Country Venture and Highway 12 Ventures. Since its incorporation in 2006, Lijit has raised more than 26 million.
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