Undertone Networks Picks up $40 Million
As the economy slows to a mild crawl and most businesses prepare for the worst, the online advertising market continues to do deals and raise money. Today, Undertone Networks announced that it had raised a whopping $40 Million. This announcement is on the heels of rumors about Tribal Fusion, another lone network, being sold or raising more money.
Private equity investment firm JMI Equity made the investment and terms of the deal were not disclosed.
According to Undertone President Michael Cassidy the cash will help the company grow through acquisitions and into international markets. The online advertising network list of companies is commonly reported as short, but our research indicates that there are over 300 networks from small to large and significant cash infusions like this one will be needed to be in the top 10.
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