AudioAudit, an Innovative Broadcast Verification Solutions Provider, Raises $9 Million in Series A Financing from Polaris Venture Partners and Ridgewood Capital.Business Editors PARAMUS, N.J.--(BUSINESS WIRE)--Oct. 8, 2002 Media and Technology Industry Veterans Appointed to Board of Directors AudioAudit(TM), an innovative provider of patented broadcast verification technology products for the advertising, cable and broadcast industries, today announced $9 million in Series A financing. Polaris Venture Partners, the lead investor, was joined by Ridgewood Capital, and other private investors. Media-industry veteran and Managing General Partner of Polaris Venture Partners, Alan Spoon, and technology-veteran Ridgewood Capital Venture Partner Lou Mazzucchelli will join Audio Audit's Board of Directors. AudioAudit plans to use the investment to expand its national electronic broadcast detection network, strengthen marketing/business development activities, and support further development of its advertising verification and productivity-enhancement products. "AudioAudit has developed the most advanced technology available to the advertising and broadcast industries," said Paul Hummel hummel entire, naturally polled deer. , 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. of AudioAudit. "Our platform has been in use for the past two years in some of the top ad agencies, enabling new levels of accountability and communications, and has become a competitive advantage that agencies and media buyers use to win business, as well as operate more efficiently." Benefits and Values AudioAudit's patented verification services enable advertising agencies and corporate advertising departments to verify that a scheduled advertisement has been broadcast in the right market, on the right outlet, to the right audience, at the right time. This high level of accuracy and automation enables advertising agencies to more efficiently manage an advertising campaign and its effectiveness. For broadcasters, AudioAudit's solutions enable more accurate reporting and increased customer satisfaction; broadcasters also reduce costs associated with crediting advertisers for mistakes or non-broadcasts. The company's detection technology and Web-based reporting enables agencies and broadcasters to accomplish the verification and adjustment process in less than 24 hours versus the industry-norm of 30 to 45 days using manual processing. "In our current business climate, accountability and value are the cornerstones of success," said Robert L. Gold, President and CEO Ridgewood Capital. "This is especially true in the advertising and broadcast media industries, where outdated, inaccurate measurement practices have long dogged corporate advertisers. AudioAudit will enable advertising agencies and their clients to realize measurable returns on their advertising and marketing investments while improving their business process efficiency simultaneously. AudioAudit is able to offer many levels of value." "AudioAudit has all the components to be a successful technology company and the leader in its market," said Spoon. "As companies place increasing emphasis on bottom line results, they will be heavily focused on gaining real value from every marketing and advertising dollar spent." Seasoned Management As CEO and member of the Board of Directors, Hummel brings to AudioAudit more than 20 years of experience in information technology and telecommunications. Before joining AudioAudit, Hummel was co-founder, president, and vice chairman of the Board of Directors of Beechwood, a full-service consulting and telecommunications systems development firm. Hummel's team, including several other executives from Beechwood, is experienced in developing high-end, complex communications tools - experience that is well suited to fully exploiting AudioAudit's patented technology solutions. He is joined on the Board by industry-veterans Alan Spoon, and Lou Mazzucchelli. Alan Spoon has extensive media industry experience with The Washington Post Company for 18 years, most recently as President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Lou Mazzucchelli has more than 25 years of technology, business development and investment banking experience. Before joining Ridgewood, he was an award-winning analyst and investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. at Gerard Klauer Mattison 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 . He also spent 13 years leading Cadre Technologies, a pioneering software engineering tools company that he founded in 1982. About AudioAudit AudioAudit is a provider of innovative, patented technology products that create new standards of accountability and communication in the advertising and broadcast industries. The company's family of automated digital solutions are specifically designed for the accurate capture, retention, and reporting of transmitted encoded broadcast content - dramatically reducing the human error created by manual broadcast tasks. Its flagship technology platform, AdVantage(R), offers unique media verification capabilities while enabling customers to increase productivity, operational efficiency, and accuracy. AudioAudit's products help streamline business processes unique to the advertising and broadcast industries, including coop COOP See Banks for Cooperatives (COOP). reporting and activity tracking. For more information about AudioAudit's business solutions, visit www.audioaudit.com About Polaris Venture Partners With over $2 billion under management, Polaris Venture Partners is a partnership of experienced venture capital investors and technology executives. Polaris assists entrepreneurs in building exceptional information and medical technology companies. Polaris-backed companies include: Akamai Technologies Akamai Technologies, Inc. (NASDAQ: AKAM) is a company that provides a distributed computing platform for global Internet content and application delivery, headquartered in Cambridge, Massachusetts. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AKAM AKAM Akamai Technologies, Inc. (stock abbreviation) AKAM Automated Key Access Machine ); Allaire Corporation Allaire Corporation was a computer software company founded by Jeremy and JJ Allaire in Minnesota, later headquartered in Cambridge, then Newton, Massachusetts. It commenced operations in May of 1995, had its initial public offering on NASDAQ (trading as ALLR) in January 1999, and ; Aspect Medical Systems (NASDAQ: ASPM ASPM Abnormal Spindle-Like Microcephaly Associated ASPM Asociación del Secretariado Profesional de Madrid (Spanish: Association of the Professional Secretaryship of Madrid) ASPM Armed Services Procurement Regulation Manual ); Centra Software (NASDAQ: CTRA CTRA Canadian Therapeutic Recreation Association CTRA College Terrace Residents' Association CTRA Canadian Telecommunications Resellers Alliance CTRA Committee To Restore America ); deCODE Genetics deCODE genetics, Inc. (Íslensk erfðagreining in Icelandic) NASDAQ: DCGN is a biopharmaceutical company based in Reykjavík, Iceland. The company was founded in 1996 to identify human genes associated with common diseases using population studies, and apply the (NASDAQ: DCGN); Paradigm Genetics (NASDAQ: PDGM). Former Polaris-backed companies have included: Advanced Inhalation Research (AIR) (sold to Alkermes), and Solidworks (sold to Dassault Systemes Dassault Systemes (Dassault Systèmes S.A.) (Pronounced - Dasoh) (NASDAQ: DASTY; Euronext: 13065) is a leading company specializing in 3D and PLM (Product Lifecycle Management) software. ). The company has offices in Boston and Seattle. More information about Polaris Venture Partners is available at www.polarisventures.com. About Ridgewood Capital Ridgewood Capital is part of The Ridgewood Companies, an investment group with over two decades of private equity experience and over three quarters of a billion dollars under management. Our expertise spans three investment organizations focused on generating maximum return for our investors: Ridgewood Capital (technology venture capital), Ridgewood Energy (oil and gas industry) and Ridgewood Power (electric power, water and environmental infrastructure). Ridgewood Capital has offices located in Ridgewood, New Jersey Ridgewood is a village in Bergen County, New Jersey, United States. As of the United States 2000 Census, the village population was 24,936. The Village of Ridgewood was created on November 20, 1894, with the same boundaries as Ridgewood Township. and Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. . For more information, visit www.ridgewoodcapital.com. |
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