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ExactTarget secures $70 million, delays IPO

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May 7, 2009 

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Edward Barrera  |

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ExactTarget secures $70 million, delays IPO

ADOTAS — The email marketing company’s major funding will accelerate the company’s growth and expand its international presence.

Led by Battery Ventures, the round of financing includes investments from Silicon Valley’s Scale Venture Partners and repeat investment by Montagu Newhall and will provide ExactTarget a similar level of funding it sought to raise in its Dec. 2007 unexercised application for an initial public offering.

“We have posted three consecutive years of profitability and continued quarter on quarter growth with the addition of thousands of new direct clients, but we know a significant amount of market opportunity remains both domestically and internationally,” Scott Dorsey, co-founder and chief executive officer of ExactTarget, said in a statement. “The investment by Battery, ScaleVP and Montagu Newhall accelerates our ability to develop new innovations while maintaining the operational flexibility we have enjoyed as a privately held firm.”

ExactTarget said it will delay its plans for its initial public offering and has withdrawn its application with the Securities and Exchange Commission to trade on the Nasdaq under the symbol EXTG. The company previously announced a record-setting first quarter during which it welcomed 250 new direct clients and increased sales by more than 40 percent over the same period in 2008, marking the thirty third consecutive quarter of growth and thirteenth consecutive quarter of profitability for the company.

ExactTarget said it plans to further expand its international presence in 2009 and will announce the location of its first international office in the next 30 days.

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