Marketing Software Giant ExactTarget Raises $30 Million
Email marketing software giant ExactTarget has raised $30 million in new financing led by Technology Crossover Ventures with Battery Ventures, Scale Venture Partners and Greenspring Associates participating in the round. This brings the company’s total funding up to $208 million.
The company is also announcing that it posted record performance in the first quarter, increasing revenue 52 percent year over year. The company posted annual revenue growth of 41 percent in 2010 finishing the year with $134 million in revenue.
ExactTarget’s software provides enterprises with email marketing platform that powers everything from email coupon offers and automated fraud alerts to e-statements and SMS text messages. ExactTarget’s software provides email marketing tools for a widespread group of big-name clients, including CareerBuilder.com, Expedia.com, the Gannett Co., and The Home Depot.
The new investment will be used to fund key acquisitions, enter new global markets, expand operations across North America, Europe and Asia Pacific and for product development. ExactTarget acquired reseller mPath, CoTweet and Keymail Marketing in 2010.
In 2007, ExactTarget filed for an initial public offering but delayed delay its IPO planes and has withdrew its application with the SEC to trade on the Nasdaq under the symbol EXTG due to the recession. But with the current bullish IPO market in the technology space, ExactTarget may be reconsidering a public offering.