$13 Million Raised by Compete, Inc. in Oversubscribed Round as Revenue Grows Quickly.Business Editors BOSTON--(BUSINESS WIRE)--Oct. 6, 2003 Compete, Inc., a predictive analytics Predictive analytics encompasses a variety of techniques from statistics and data mining that process current and historical data in order to make “predictions” about future events. company that is pioneering the analysis of consumer behavior online to predict consumer purchases both offline and online, today announced it has raised $13 million in an oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. Series II round of financing. With the Series II closing, Compete will have sufficient resources to attain profitability. Participants in this round of financing include new investor William Blair
River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Ventures, St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Venture Capital and North Hill Ventures. This new funding enables Compete to meet the expanding demand for its services as marketers learn the value of consumer pre-purchase behavior on the Internet. Compete has experienced substantial growth over the past year. During the first eight months of 2003 the company experienced a 90% increase in revenue over comparable 2002 figures. Since launching its Automotive, Consumer Banking and Finance, and Wireless practices earlier this year, marketing leaders including major auto manufacturers, multi-line banks and wireless carriers have incorporated Compete's Intelligence Services into their ongoing business decisions. "Compete has proven that what consumers research online today predicts what they will buy tomorrow. Aggressive marketers are receiving an early mover edge", said Don McLagan, Compete's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Raising $13 million shows investor confidence in Compete and accelerates our ability to grow and serve our customers", added McLagan. Compete also announced today that Chrysler Group and Sovereign Bank have retained Compete to provide new insights into consumer purchasing behavior that will be incorporated into their marketing initiatives. "Compete will provide the Chrysler Group with demand forecasting and marketing effectiveness Marketing Effectiveness is the function of improving how marketers go to market with the goal of optimizing their marketing spend to achieve even better results for both the short-term and long-term. Also related to Marketing ROI and Return on Marketing Investment (ROMI). intelligence across our products" said Jeff Bell, Vice President Jeep and Interactive Communications for the Chrysler Group. "Compete's insights into consumers' online researching behavior for financial products and services are unique in the market," said Scott W. Abercrombie, Executive Vice President and Director of National Consumer Finance and Alternative Deliverables for Sovereign Bank. "When it came to selecting a partner to keep Sovereign as an online banking leader with our customers, Compete offered the best set of services and the industry acumen to help us launch and manage our initiatives with the most impact", added Abercrombie. Sovereign Bancorp, Inc., headquartered in Philadelphia, Pennsylvania, is the parent company of Sovereign Bank, a $41 billion financial institution with 525 community banking offices, nearly 1,000 ATMs and about 8,000 team members in Connecticut, Massachusetts, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania, and Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. . Sovereign Bank is one of the top 25 largest banking institutions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . To support the company's growth, Compete recently relocated its corporate headquarters. The new corporate headquarters, located at Four Copley Place in Boston, is one of the premier office spaces in the city. About Compete, Inc. Compete provides the earliest indication of actual consumer behavior available, which gives clients the information needed to improve the effectiveness of customer acquisition, servicing cross-sell and retention. Compete has proven that online data on consumer behavior is a predictive indicator of total demand and purchase intent - both offline and online. Compete leverages its database of the daily behavior of more than 10 million online consumers to offer industry-specific Intelligence Services consisting of predictive analytics that provide insights into total demand and purchase intent, which Compete's experts interpret to provide clear, actionable, recommendations. Since launching its services Compete has provided major auto manufacturers, multi-line banks and wireless carriers with a new and unique vantage point on their customers and competitors not previously available. For more information visit the company's website at www.compete.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion