OpenX Software, a provider of digital and mobile advertising revenue products and services, recently completed a Series E funding round, raising $22.5 million and bringing the total investment in the company to over $70 million.
A new investor, Samsung (News - Alert) Venture Investment Corporation led this round, joined by existing investors Accel Partners, Index Ventures, SAP Ventures, Mitsui & Co. Global Investment and Presidio Ventures (News - Alert).
OpenX stated it will used these funds to further accelerate growth, as well as finance additional acquisitions, expand internationally and broaden adoption of its digital revenue program, which allows digital media companies to maximize ad revenue on any digitally connected screen.
The company has already seen rapid growth since its Series D funding round in May 2011, managing to achieve greater than 100 percent year over year revenue growth in both 2011 and 2012. OpenX also completed two highly strategic acquisitions in the last year, buying LiftDNA and JumpTime in order to further its mission of maximizing ad revenue for digital media companies.
The company also doubled its team to more than 260 employees in 2012, expanded to five data centers on three continents, and opened new offices in New York, London and Tokyo – in addition to opening a new 45,000-square-foot headquarter in Los Angeles.
The key driver of OpenX's growth, however, has been global adoption of its OpenX Market real-time bidding (RTB) exchange. Originally one of the first proponents of RTB, the company has now become one of its best providers.
“OpenX has made terrific progress since we led the Series D financing round and our new investment reinforces our belief that the company has an extremely bright future,” said Nino Marakovic, managing director at SAP (News - Alert) Ventures, in a statement. “The overall environment for SaaS (News - Alert)-based digital advertising products and services continues to expand rapidly. We believe OpenX, with its uniquely comprehensive ad revenue platform, is especially well positioned to capitalize on this important macroeconomic trend.”
Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.