$13 Million Raised by Compete, Inc. in Oversubscribed Round as Revenue Grows Quickly
$13 Million Raised by Compete, Inc. in Oversubscribed Round as Revenue Grows Quickly
Oct 6, 2003 – Boston, MA — Compete, Inc., a predictive analytics company that is pioneering the analysis of consumer behavior online to predict consumer purchases both offline and online, today announced it has raised $13 million in an oversubscribed Series II round of financing. With the Series II closing, Compete will have sufficient resources to attain profitability. Participants in this round of financing include new investor William Blair Capital Partners, and existing investors Charles River Ventures, St. Paul Venture Capital and North Hill Ventures. This new funding enables Compete to meet the expanding demand for its services as marketers learn the value of consumer pre-purchase behavior on the Internet.
Compete has experienced substantial growth over the past year. During the first eight months of 2003 the company experienced a 90% increase in revenue over comparable 2002 figures. Since launching its Automotive, Consumer Banking and Finance, and Wireless practices earlier this year, marketing leaders including major auto manufacturers, multi-line banks and wireless carriers have incorporated Compete’s Intelligence Services into their ongoing business decisions.
“Compete has proven that what consumers research online today predicts what they will buy tomorrow. Aggressive marketers are receiving an early mover edge”, said Don McLagan, Compete’s President and CEO. “Raising $13 million shows investor confidence in Compete and accelerates our ability to grow and serve our customers”, added McLagan.
Compete also announced today that Chrysler Group and Sovereign Bank have retained Compete to provide new insights into consumer purchasing behavior that will be incorporated into their marketing initiatives.
“Compete will provide the Chrysler Group with demand forecasting and marketing effectiveness intelligence across our products” said Jeff Bell, Vice President Jeep and Interactive Communications for the Chrysler Group.
“Compete’s insights into consumers’ online researching behavior for financial products and services are unique in the market,” said Scott W. Abercrombie, Executive Vice President and Director of National Consumer Finance and Alternative Deliverables for Sovereign Bank. “When it came to selecting a partner to keep Sovereign as an online banking leader with our customers, Compete offered the best set of services and the industry acumen to help us launch and manage our initiatives with the most impact”, added Abercrombie. Sovereign Bancorp, Inc., headquartered in Philadelphia, Pennsylvania, is the parent company of Sovereign Bank, a $41 billion financial institution with 525 community banking offices, nearly 1,000 ATMs and about 8,000 team members in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. Sovereign Bank is one of the top 25 largest banking institutions in the United States.
To support the company’s growth, Compete recently relocated its corporate headquarters. The new corporate headquarters, located at Four Copley Place in Boston, is one of the premier office spaces in the city.
