News
Press Release
9.24.07
Visible Technologies Secures Series B Funding
Ignition Partners and WPP Group Co-lead Financing for Growing Seattle Company
SEATTLE, WA – Visible Technologies, a leading provider of Internet brand and reputation management services, today announced it has secured $12 million in Series B funding from Ignition Partners and WPP Group, plc. Ignition Partners is a premier venture capital firm and WPP is one of the world's leading communications services groups.
Since being founded in 2003, Visible Technologies has focused its efforts on building superior social media monitoring and reputation management solutions. Its TruCast® and TruView™ product offerings have successfully been adopted by several Fortune 500 companies, politicians, and high-net worth individuals.
“Our clients are looking for solutions to help them understand the social media space and participate in relevant communities as a way to enhance the value of their brands,” said Adam Selig, CEO of Visible Technologies. “We are excited to welcome Ignition as an investor in Visible Technologies and are honored to have WPP continue its investment in our solutions.”
The rapid adoption of social media involvement among consumers has contributed to the successful growth of Visible Technologies. According to a recent iProspect study, at least 25 percent of the U.S. online adult population visits social networking sites on a monthly basis. This has resulted in the increasing need for companies to regularly monitor their online reputations and presence.
“Marketers have always needed to monitor media for information related to their brands — whether it's for public relations activities, fraud violations, or competitive intelligence,” wrote Peter Kim, senior analyst, Forrester Research. “But fragmenting media and changing consumer behavior have crippled traditional monitoring methods. ...To adequately monitor media in today’s rapidly shifting environment, businesses need a strategy for brand monitoring.” (“The Forrester Wave: Brand Monitoring, Q3 2006.” Forrester Research, Inc., September 2006).
The new funding will be used by Visible Technologies to better serve its expanding customer base and help grow the TruCast and TruView product lines.
“The growth of social media and user generated content requires major companies to be increasingly concerned about their reputation online and to look for ways to track and manage it. Our clients are already seeing the benefits of Visible Technologies' technology solutions in tracking what is written about them online in blogs and other social media and in responding effectively,” said Mark Read, CEO of WPP Digital. “We remain incredibly excited about TruCast and TruView, and look forward to continuing to foster and encourage Visible Technologies’ growth.”
Visible Technologies further announced Michelle Goldberg, principle at Ignition Partners, will join the Board of Directors. Michelle is presently a board member for Entellium and Mpire. “Visible Technologies' solutions anticipate the growing shift from traditional marketing toward social media. The company has provided a compelling investment opportunity for Ignition,” Goldberg said. “The combination of the technology, strong customer adoption and shifting market trends work together to position Visible for market leadership.”
About Visible Technologies
Founded in 2003, Visible Technologies empowers companies to track, analyze and participate in consumer-generated media to drive their business forward. Their innovative TruCast™ platform is the industry's first complete solution for social media analysis and participation. Visible Technologies also helps brands and individuals manage and protect their online reputations with its powerful TruView™ search engine solution. Visible Technologies has 55 employees with key offices in Seattle and New York. For more information, go to www.visibletechnologies.com or visit the blog www.visinsights.com
About Ignition Partners
Ignition Partners, headquartered in Bellevue, Wash., is a premier venture capital firm dedicated to helping the best entrepreneurs seize opportunity. From turning their early stage idea into a business, to hiring the right team or providing the right industry and functional insight and connections, Ignition helps companies grow their business strategically, globally and financially to realize the best ultimate outcome. Ignition invests in emerging and future leaders in communications, internet, software and services across business and consumer targets. Ignition brings together an unparalleled combination of domain focus, technical expertise and global operational experience.
Ignition's partners are proven business leaders who have built some of the world's most successful businesses of the last two decades, including Microsoft Windows and Office, McCaw Cellular Comunications, AT&T Wireless and Starbucks. For more information on Ignition Partners, visit its Web site at www.ignitionpartners.com
About WPP Group
WPP (NASDAQ: WPPGY) is one of the world's leading communications services groups, providing national, multinational and global clients with advertising; media investment management; information, insight & consultancy; public relations & public affairs; branding & identity, healthcare communications, direct, digital, promotion & relationship marketing.
WPP's worldwide companies include JWT, Ogilvy & Mather Worldwide, Y&R, Grey Worldwide, The Voluntarily United Group of Creative Agencies, MindShare, Mediaedge:cia, MediaCom, Millward Brown, Research International, KMR Group, OgilvyOne Worldwide, Wunderman, 141 Worldwide, Hill & Knowlton, Ogilvy Public Relations Worldwide, Burson-Marsteller, Cohn & Wolfe, CommonHealth, Sudler & Hennessey, Ogilvy Healthworld, Grey Healthcare Group, Enterprise IG, Landor, Fitch and G2 among others.
WPP companies provide communications services to clients worldwide including more than 300 of the Fortune Global 500; over one-half of the NASDAQ 100 and over 30 of the Fortune e-50. Our companies work with over 330 clients in three or more disciplines; more than 230 clients in four disciplines and nearly 200 clients in six or more countries.
Collectively, WPP employs 102,000 people (including associates) in over 2,000 offices in 106 countries. For more information on WPP Group, visit its Web site at www.wpp.com
For more information, press only:
Blake Cahill
Visible Technologies
206.838.1178
blake@visibletechnologies.com
Mauread Bray
Ignition Partners
425.709.0772
mauread@ignitionpartners.com
Kevin McCormack
WPP
212.632.2200
kmccormack@wpp.com
TruCast and TruView are trademarks of Visible Technologies. All other product and company names mentioned herein may be trademarks of their respective owners.