Pawtucket-based direct marketing firm Mercury announced last month that it has raised significant equity to support the development and launch of TWOBOLT, its new online marketing platform.
Angel Street Capital and Dover Partners took primary financing positions in the equity deal and Bristol County Savings Bank provided additional debt financing, the company said.
Peter Ottmar, chairman, said Mercury started fundraising in September but that, while the equity raised was substantial, he did not want to disclose an amount.
"It's meaningful and significant and allows us to execute on our plan," he said.
Mercury has reorganized itself over the last six to eight months, according to Ottmar, who said three divisions were created: one for the print and mailing side of the business, one for the marketing and analytic side, and one for the online platform, called Twobolt, that is expected to launch sometime this summer.
While the company had made cutbacks in the traditional print division, it was matched by growth in other divisions, he said.
"At one time we were pretty much a print mail company," said Ottmar. "We reduced on the traditional side, as we were hiring in new divisions."
Although a modest amount of the funding will be used to continue to grow the marketing and analytics division and its staff, Ottmar said much of the funds raised will go toward development of the company's new online marketing platform.
"The bulk of the money will go to the third division, the TWOBOLT Technologies Marketing Division, to allow us to develop the online platform for mostly small businesses," he said.
Read More
Angel Street Capital and Dover Partners took primary financing positions in the equity deal and Bristol County Savings Bank provided additional debt financing, the company said.
Peter Ottmar, chairman, said Mercury started fundraising in September but that, while the equity raised was substantial, he did not want to disclose an amount.
"It's meaningful and significant and allows us to execute on our plan," he said.
Mercury has reorganized itself over the last six to eight months, according to Ottmar, who said three divisions were created: one for the print and mailing side of the business, one for the marketing and analytic side, and one for the online platform, called Twobolt, that is expected to launch sometime this summer.
While the company had made cutbacks in the traditional print division, it was matched by growth in other divisions, he said.
"At one time we were pretty much a print mail company," said Ottmar. "We reduced on the traditional side, as we were hiring in new divisions."
Although a modest amount of the funding will be used to continue to grow the marketing and analytics division and its staff, Ottmar said much of the funds raised will go toward development of the company's new online marketing platform.
"The bulk of the money will go to the third division, the TWOBOLT Technologies Marketing Division, to allow us to develop the online platform for mostly small businesses," he said.
Read More
No comments:
Post a Comment