Coremetrics Secures $31 Million in Series D Funding
FTVentures becomes first US investor, leads round with original investment partners.
Financing will fuel expansion into new geographies and vertical markets for firm’s anti-threat, fraud prevention, and risk management solutions.
Tuesday, March 7, 2006
San Mateo, CA – Coremetrics, the leading provider of hosted web analytics and precision marketing solutions, today announced it obtained $31 million in series D financing. Investors include FTVentures and previous Coremetrics investors Accel Partners and Highland Capital Partners. Coremetrics will leverage the additional capital to accelerate the build-out of its precision marketing suite and expand its offerings into new areas of digital marketing. The funding will also be used to roll out Coremetrics’ expansion strategy both in the US and internationally.
Additionally, Eric S. Byunn of FTVentures will join Coremetrics’ board of directors. Byunn has been a principal at FTVentures since 2002 and also serves on the boards of Cloudmark, Global Market Insite (GMI), and ProfitLine. Prior to joining FTVentures, Eric held management roles at myCFO, America Online, Netscape, Microsoft, and McKinsey & Company.
“FTVentures invests in growth companies that create software or provide business services solutions benefiting the financial services industry,” said Eric Byunn. “We have kept a close eye on the web analytics and digital marketing industry and see tremendous opportunity with Coremetrics’ approach to the market and understanding of the online needs of financial institutions. We believe that the Coremetrics offering will be extremely attractive to our Global Partner Network which includes 38 of the world’s leading financial institutions.”
“This new funding will enable us to build upon our industry-leading web analytics and client services offerings and expand our expertise into new areas of precision marketing,” said Joe Davis, President and CEO of Coremetrics. “The digital marketing sector will continue to experience rapid growth in 2006 and with this additional funding, we are well-positioned to benefit greatly from this significant industry growth.”
Coremetrics achieved record growth in 2005. The company added more than 100 new clients across the retail, financial services, and travel industries. Coremetrics nearly doubled its client base with companies such as Alliance & Leicester, Buy Domains, CDW, Circuit City, Comet Group plc, Cool Savings, Fila Online, Inc., Fuji Film, James Villa Holiday, Lamps Plus, Last Minute Travel, Northern Tool UK, Office Max, and Tracfone Wireless, Inc. Coremetrics continues to maintain outstanding client retention rates, exceeding 95% in 2005.
Additional 2005 Coremetrics highlights include:
- Coremetrics extended precision marketing application suite with the launch of Coremetrics Search Marketing Services and Coremetrics Search. Coremetrics Search Services is a full-service strategic management program for the creation, placement and optimization of pay per click marketing campaigns. The industry’s first closed-loop solution, Coremetrics Search helps marketers create, manage and optimize pay per click marketing campaigns across multiple search engines.
- Coremetrics also launched its LIVEmark Index, the industry’s most comprehensive benchmark for eBusiness performance, providing critical comparison data for site-wide key performance indicators across more than 175 leading retail brands. LIVEmark participants gain a clear understanding of business performance relative to peers and competitors so they can effectively allocate marketing spend, anticipate industry threats and trends, and make strategic decisions about site, marketing and merchandising efforts.
- Expansion of its global partner network: Coremetrics added 14 new strategic partners, including Doubleclick, e-Dialog, EmailLabs, ExactTarget, Instant Service, Linkshare, and Yahoo! Search. In addition, Coremetrics has extended partnerships with European counterparts including Commission Junction, Responsys and Scene7, as well as signed new partners such as Aboavista, Intelligent Commerce Enterprises, Logan Tod and XXI Servicios Estrategicos.
- Named a market leader in the Forrester Wave Report: For the third year in a row, Coremetrics was named a market leader in the Forrester Wave Report that ranked web analytics vendors based on their ability to serve both B2C and customer service Web sites. Coremetrics was identified as a leader among the top 14 Web analytics vendors based on the company’s solid technology, emerging suite strategy and superb customer service.
- New executive appointments: Coremetrics announced the appointment of key executives including Hamid Bahadori as Vice President of Engineering, Heather Brunner as Vice President of Client Services and Steve Cox as Vice President of Operations.
Founded in 1998, FTVentures was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has over $623 million in total capital under management and is a leading investor in information technologies. FTVentures invests primarily in companies developing products and services in software and business services, with a particular emphasis on companies that enable financial institutions worldwide to expand and to operate more efficiently. FTVentures’ investors are 38 of the world’s largest financial institutions, and are leaders in the innovative deployment of technology and operational solutions. For more information, please visit www.ftventures.com.
Coremetrics is the leading provider of on-demand Web analytics and precision marketing solutions, offering the industry’s only Web analytics platform that captures and stores all customer and visitor clickstream activity to build LIVE (Lifetime Individual Visitor Experience) Profiles. Representing the single most accurate and comprehensive source of online customer data, LIVE Profiles serve as the foundation for all successful eBusiness initiatives. Leading online brands rely on Coremetrics LIVE Profiles to monitor and optimize the performance of multiple marketing campaigns, improve cross-sell and multichannel initiatives, and precisely target customers through intelligent marketing campaigns. Coremetrics services more than 600 brands and has delivered over $300 million in documented ROI in the past two years. The company is privately held with funding from Accel Partners and Highland Capital Partners and is headquartered in San Mateo, California with offices in Austin, Texas and London, England.
Coremetrics has strongly supported online privacy since its inception.
Karen Derr Gilbert