Adauction.com Raises $15 Million in Mezzanine Round; Lehman Brothers Leads Round.SAN FRANCISCO--(BUSINESS WIRE)--June 8, 1999-- Additional Funding Targeted at New Services and Hires, U.S. Expansion and New Marketing/Sales Programs Adauction.com today announced it has raised $15 million in a mezzanine round of funding from several leading investors. Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. , Amerindo Investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , Inc. and Fayez Sarofim Fayez Sarofim (Arabic: فايز ساروفيم) is a Coptic Egyptian American fund manager for a number of Dreyfus family stock funds. He is divorced with 5 children, and lives in Houston, Texas. & Co. led the round, while previous investors Convergence Partners, Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. Partners, VIVENTURES Partners, and New Millennium Partners also contributed. Adauction.com is the first company to receive financing from the new $350 million Lehman Brothers Venture Partners L.P. fund. The $15 million brings the company's total capital raised to date to over $30 million in debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . Adauction.com provides a business-to-business e-commerce service for buying and selling media. It intends to use the financing to grow in four areas: rollout of new auction services in traditional media -- including broadcast, outdoor and cable -- as well as opening several regional offices, expanding marketing/sales programs and building its sales team. "Adauction.com's business model touches four of the hottest trends on the Internet: business-to-business e-commerce, dynamic pricing, third party infomediaries and media sales," said Michael Castleman, vice president, Lehman Brothers. "We are excited to partner with Adauction.com because they are leveraging these four key trends to seize the market opportunity and change the way media is bought and sold." "Our investors, which have financed some of the most successful Internet companies to date, fully support our company's quest to become the online destination for buying and selling all media," said Chris Redlitz, Adauction.com 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. and president. "We have gained a great deal of market momentum and will continue to roll out additional programs and services, further strengthening our market leadership." Seizing the Market Opportunity According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
About Adauction.com Adauction.com provides a business-to-business e-commerce service for buying and selling media. Representing the top-branded Web and print media publishers, the company's online marketplace offers opportunistic buys on premium ad space. More than 3,500 media buyers are registered to purchase inventory through Adauction.com. Leading ad agencies include Modem Media-Poppe Tyson; USWeb/CKS; Foote, Cone & Belding; iXL; Lot21 and Western International Media. Direct advertisers include U S WEST Dex DEX - A cross between Modula-2 and C by W. van Oortmerssen. Amiga version 1.2. and BellSouth. Founded in September 1997, San Francisco-based Adauction.com has sales offices in 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 and Atlanta. The company has received venture capital funding from Lehman Brothers, Amerindo Investment Advisors, Convergence Partners, Geneva Partners, VIVENTURES Partners, New Millennium Partners and financing from other private investors. Call 415/597-4830 for more information; or visit online at http://www.adauction.com. Note to Editors: Adauction.com and the Adauction.com logo are either registered service marks or service marks of Adauction.com, Inc. All other company, brand or product names may be trademarks or registered trademarks of their respective owners. |
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