Thursday, January 12, 2012

Extreme Reach reaches out to TD Bank for $9M credit line

By Rodney H. Brown

Needham-based video advertising company Extreme Reach Inc. has closed on a $9 million credit facility from TD Bank that could lead to acquisitions, the company said in a release.

Extreme Reach touted its 300 percent year-over-year growth in 2011, and its video advertising platform that combined TV ad distribution and online video ad serving. The company’s growth plans for 2012 are “aggressive” and include new integrated products that Extreme Reach said will eliminate “some of the industry’s most costly cross-media hurdles and steps for brands and their agencies.”

The news of the credit facility comes just about a month after Extreme Reach named Nancy Lazaros as chief financial officer of the company. Lazaros joined Extreme Reach from her previous role as CFO of [x+1], a digital marketing company with offices in New York, Chicago and Norwalk, Conn.  Earlier this month Extreme Reach bought Spotlight Business Affairs Inc., a Chicago-based commercial talent rights management and payment company.

Extreme Reach was founded in 2008 by four former executives of FastChannel Inc. (Nasdaq: DGIT). Both companies deliver video content for TV, cable and online ad networks. Privately held Extreme Reach last raised money in June 2010, bringing in $9 million in Series B funding, broken out as $7 million in equity and $2 million in debt.