November 1, 2010 | Authored by: Vindicia Team
The Next Step in Building Online Revenue
Today we announced the closing of $20 million of funding to expand our marketing and sales efforts.
We used the first $21 million we had raised to build CashBox and begin to dominate strategic billing for digital content and services. That dominance is reflected by the size and breadth of customers like Symantec, Atari/Cryptic, Boxee, Bloomberg Sports, and many more that you will be hearing about in the coming months. FTV and Eric bring the perfect mix of validation of the depth of our understanding of the global payment environment with the knowledge that our path forward is all about expanding deeper into the marketing strategies of our clients. We will continue to expand our client’s average customer lifetime value (over the last 12 months that’s meant $45 million more dollars to our clients) while beginning to optimize revenue from existing customers and moving further into helping them get more effective with their customer acquisition programs.
Nine months ago, we began to experience an inflection in our market. I believe that was driven by two factors. First, the recession made digital businesses ask if the costs and pain of PCI and the payment world were the best uses of their resources. Second, the continued fall in online ad rates put real pressure on conventional wisdom that you couldn’t sell digital content or services online. Fortune 5000 companies are now serious about transitioning to the online channel. Exciting new offerings like Bloomberg Sports, Mind Candy and Boxee are disrupting markets from gaming to the digital living room. As we felt that wind at our back, we knew it was time to scale up our marketing and sales efforts to help all of these digital providers build online revenue.
Now we have 20 million more ways to help our clients do just that.
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