ExactTarget is a global provider of cross-channel interactive marketing, empowering organizations to plan, automate, deliver, and optimize data-driven interactive marketing and real-time communications.
ExactTarget was a fast-growing, market-leading company with strong fundamentals, predictable and visible revenue streams and a top-notch management team. Although on file for an IPO in 2009, ExactTarget’s management team turned instead to private investors to accelerate growth. Seeking capital to increase sales and marketing, potential acquisitions and international expansion, ExactTarget demanded a partner who understood its business model, knew the market and had experience with strategic acquisitions.
- The Battery team provided strategic advice to execute four acquisitions across three continents.
- Supplying strategic insight, Battery also provided guidance as ExactTarget steadily expanded its product and market footprint to become a recognized leader in cross-channel, interactive marketing.
Battery was instrumental in recruiting key members of ExactTarget’s senior management team, including:
- EVP global sales
- SVP corporate development
With more than 44 quarters of consecutive revenue growth, 4,700 direct customers, and a worldwide team of over 1,100 at its IPO, ExactTarget executed one of the largest, at the time, SaaS IPOs in history (NYSE: ET, March 2012). ExactTarget was acquired by Salesforce.com for $2.5 billion in July 2013.
The presented case study investment was made in particular economic and market conditions. There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions. More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.
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