>Too bad I didn't follow my own advice!
Victor, have you ever heard of techTarget.com? I think they're in your own backyard.
>NEEDHAM, Mass., Mar 12, 2001 (BUSINESS WIRE) -- TechTarget.com, the leading network of industry-specific IT Web sites, announced today that it has received $30 million in Series A funding. The funding round was led by Polaris Venture Partners and includes Roger Marino, co-founder of EMC Corporation, and United Communications Group (UCG), which spun-off TechTarget.com in 1999.
TechTarget.com will use the funding to expand its network of industry-specific IT Web sites and increase the value it brings to its sponsors and more than one million registered members. Each of TechTarget.com's 23 specialized Web sites aggregates the best links from across the Web to offer enterprise IT professionals the most comprehensive source of industry-specific news, information, and resources anywhere. TechTarget.com now has more than 400 sponsors, including IBM, Oracle, Sun Microsystems, Intel Corp., EMC Corp., and Veritas Software. TechTarget.com has recorded 16 consecutive months of record revenues.
"There's been a persistent trend for IT professionals to look to the Web for their information needs," said Alan Spoon, managing general partner, Polaris Venture Partners and a newly named director for TechTarget.com. "With its network of vertical IT sites, TechTarget.com is uniquely positioned to serve this market with the right information, at the right time, in a most convenient format. Polaris is excited to be a part of building TechTarget.com's success. This Series A financing gives TechTarget.com a fully funded business plan, enabling both growth and profitability, near term."
Consistent Revenue Growth, Clear Path to Profitability Appeals to Investors in Tight Market
In contrast to many Internet advertising companies, TechTarget.com's highly targeted online vehicles, strong membership base, and blue-chip client list have allowed the Company to consistently grow revenues. In its first full year (2000), TechTarget.com grew from 2 sites to more than 20. From Q1 to Q4, TechTarget.com's quarterly revenues grew more than 400%. The Company forecasts that it will achieve profitability in 2001.
"TechTarget.com has been able to beat the odds in this economy by keeping our eye on the most important things in any economy: serving our target market while managing our business wisely," said Greg Strakosch, CEO, TechTarget.com. "The core vision that motivated us to create TechTarget.com--and the vision that drives the business today--has never changed. We're committed to getting the information IT professionals need directly into their hands and delivering results for our sponsors."
About Polaris Venture Partners
With more than $1.2 billion under management, Polaris Venture Partners is an early-stage venture capital firm with investments across information and medical technology. Polaris takes an active lead role in its portfolio companies and practices life-cycle investing. The Polaris team is committed to helping entrepreneurs grow strong businesses by offering early-stage operational and investment expertise as well as providing critical support services. The company services more than 60 Polaris-backed companies, including Akamai Technologies, Inc. (NASDAQ: AKAM chart, msgs); Allaire Corporation (NASDAQ: ALLR chart, msgs); deCODE Genetics (NASDAQ: DCGN chart, msgs); and Paradigm Genetics (NASDAQ: PDGM chart, msgs). The company has offices in Boston, Austin, Seattle, and Washington, D.C. More information about Polaris Venture Partners is available at www.polarisventures.com.
About Roger Marino
Roger Marino co-founded EMC Corporation, one of the most successful companies in the computer industry. After retiring from EMC in 1992, Marino pursued a number of business ventures related to his lifelong interests in technology and sports. Marino is a member of the Board of Directors for TechTarget.com, StorageNetworks, Inc., GiantLoop Network, Inc., and Adlex. He is also the principal owner of the Worcester Ice Cats, a professional minor-league hockey team. Marino graduated from Northeastern University and sits on the University's Board of Trustees.
About United Communications Group (UCG)
United Communications Group is one of the nation's top publishers of business-to-business information, and has more than one million clients worldwide. In 1999, UCG formed UCG B2B Ventures to provide funding and guidance to Internet business-to-business ventures that combine UCG's content and subscriber communities with e-business platforms. In 1999, UCG provided the initial funding for TechTarget.com. More information is available at www.ucg.com. Founded in 1977, UCG is based in Rockville, MD.
About TechTarget.com
TechTarget.com (www.techtarget.com) is the leading network of industry-specific Web sites for enterprise IT professionals, serving a total of more than one million registered members. Each of TechTarget.com's 23 specialized Web sites aggregates the best links from across the Web to offer enterprise IT professionals the most comprehensive source of industry-specific news, information, and resources anywhere. The TechTarget.com network includes leading IT-specific sites: SearchASP.com, SearchNetworking.com, SearchStorage.com, SearchWin2000.com, and Whatis.com, the IT encyclopedia. TechTarget.com's sponsorship programs provide more than 400 corporate sponsors with proven vehicles for lead generation, branding, and merchandising. TechTarget.com counts among its sponsors some of the most prestigious technology organizations in the world, including IBM, Oracle, Sun Microsystems, Intel Corp., EMC Corp., and Veritas Software.
Based in Needham, Massachusetts, TechTarget.com was founded in 1999 as a spin-off of United Communications Group (UCG), one of the largest business-to-business information providers in the U.S. More information about TechTarget.com is available at techtarget.com. |
