online video network, today announced it has received a $10 million
strategic equity investment. The Company's inaugural equity investment
was raised with Velocity Interactive Group, a leading global digital
media and communications investment firm.
"This strategic investment highlights the exceptional operating
performance we achieved in 2007 and underscores the value proposition
of our company," said Matt Wasserlauf, CEO, Broadband Enterprises. "By
working closely with Velocity Interactive Group and putting our
world-class agency, brand advertiser, content publisher and video
producer clients at the forefront of everything we do, Broadband
Enterprises will continue to deliver an unmatched online video
experience."
"Over the past four years Broadband Enterprises has built a highly
successful online video monetization engine, which has grown rapidly
throughout 2007," said Jonathan Miller, Partner, Velocity Interactive
Group. "We expect the growth to be bigger and faster as the company
executes its 2008 strategic plan."
The money raised will complement re-invested free cash flow and be
used to accelerate the Company's strategic growth initiatives,
including expanding the breadth and depth of content – through
partnerships with established media companies and from emerging video
producers – and launching new client-centric, scalable technology
solutions.
With Velocity Interactive Group's investment, Jonathan Miller will
join the Broadband Enterprises board of directors and advise the
Company on strategic matters.
Jefferies & Company acted as financial advisor to Broadband
Enterprises in this transaction.
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