Broadband Enterprises, the premiere online video network, today announced it has received a $10 million strategic equity investment. The Company’s inaugural equity investment was raised with Velocity Interactive Group, a leading global digital media and communications investment firm.
“This strategic investment highlights the exceptional operating performance we achieved in 2007 and underscores the value proposition of our company,” said Matt Wasserlauf, CEO, Broadband Enterprises. “By working closely with Velocity Interactive Group and putting our world-class agency, brand advertiser, content publisher and video producer clients at the forefront of everything we do, Broadband Enterprises will continue to deliver an unmatched online video experience.”
“Over the past four years Broadband Enterprises has built a highly successful online video monetization engine, which has grown rapidly throughout 2007,” said Jonathan Miller, Partner, Velocity Interactive Group. “We expect the growth to be bigger and faster as the company executes its 2008 strategic plan.”
The money raised will complement re-invested free cash flow and be used to accelerate the Company’s strategic growth initiatives, including expanding the breadth and depth of content – through partnerships with established media companies and from emerging video producers – and launching new client-centric, scalable technology solutions.
With Velocity Interactive Group’s investment, Jonathan Miller will join the Broadband Enterprises board of directors and advise the Company on strategic matters.
Jefferies & Company acted as financial advisor to Broadband Enterprises in this transaction.
About Broadband Enterprises
Broadband Enterprises is the premier online video network, aggregating over 45 million unique video viewers each month (comScore, October 2007). The Company sells online video advertising, syndicates programming and produces original content that is delivered securely to targeted audiences through its innovative “Vindico” technology architecture across an unparalleled network of over 1,800 affiliates. Over 175 of the world’s premier, image focused brands, including American Express, AT&T, Honda, McDonald’s and Proctor & Gamble, entrust the Company with their most important marketing campaigns.
About Velocity Interactive Group
Velocity Interactive Group (www.velocityig.com) is a leading investment firm that focuses on digital media and communications. The firm brings a unique approach to investing by bringing not just financial capital, but also human capital to its investment companies. Velocity Interactive Group has a global presence in Palo Alto, Los Angeles, New York, India and China.
