Content platform Martini Media signed a letter of intent on Friday and will be acquired by a strategic buyer.
Neither the terms of the deal nor the name of the buyer have been disclosed, according to Fortune, citing a source close to the situation. The company has raised $41.3 million to date from investors such as Venrock, Granite Ventures, Reed Elsevier Ventures, Silicon Valley Bank, Reed Elsevier Ventures and Coriolis Ventures. Board members include Buzzfeed president Greg Coleman and Yahoo chief data officer Usama Fayyad.
Skip Brand founded the San Francisco-based company in 2007 to help the world’s most prestigious brands engage high-end consumers with online influence. Now headed by CEO Erik Pavelka, Martini provides brand campaigns across niche sites. It’s likely that the buyer will help Martini reach more like-minded consumers.
“As an industry, we will continue to push for cutting costs and inefficiencies, but there needs to be a corresponding push towards quality advertising,” Pavelka wrote in a recent post on VentureBeat. “We need to continue to evolve how we reach our audiences through direct publisher relationships that provide high-quality viewable inventory.”
Martini Media was not answering phones or taking voice messages on Friday at its New York or San Francisco offices, according to the Fortune report.
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Published by: Silicon Valley Business Journal (http://www.bizjournals.com/)
Author: Gina Hall 2015 05 18 Martini Media finds a buyer - Silicon Valley Business Journal