Extreme Reach Inc., a Needham-based company with a video platform for integrated TV, online, and mobile advertising, announced a significant investment by Spectrum Equity, a growth equity firm focused on the information economy.
Spectrum Equity’s investment is in excess of $50 million for a minority stake in Extreme Reach, the company said in a Thursday press release. According to the release, the financing will support the company’s growth and expansion through acquisitions.
“The convergence of video advertising across multiple screens creates both challenges and opportunities for advertisers,” Extreme Reach chairman and CEO John Roland said in a statement. “Our platform is the industry’s first to enable advertisers to execute and measure video campaigns across every screen.”
In a separate statement, Spectrum Equity managing director Jim Quagliaroli said, “Extreme Reach is a highly profitable growth platform which we believe is well positioned to address the rapid expansion and convergence of TV and online video advertising.”
Extreme Reach said it currently has 225 employees across 10 North American offices. The company added that it is on track to exceed an annual revenue run rate of $100 million by the end of this year.