On Tuesday this week we announced that Lijit had been acquired by Federated Media. Todd and I have gotten to know Deanna Brown, John Battelle and the rest of the team there over the past couple of years. There simply couldn’t be a better strategic and market fit between the two organizations.
The past year being at Lijit has been like riding a rocket. This time last year we hit on the economic model that clicked. Revenue began growing month over month from $80K to $175K to $350K to $500K – and we never looked back. The past few months we kicked it up another gear and saw our first $1M month. The $1M month faded into our rear-view mirror as we blew through that one month and then promptly grew another 40% the next. October just began and we’re already hitting all time records with more than 200M uniques and 70,000+ websites across the network. The ride was just getting to be really really fun.
This deal has the potential to be even bigger – way bigger.
The FM folks are the best of the best when it comes to online media. Widely known as innovators and thought-leaders in “the independent web” – they harness the best content the web has to offer and then they use innovative and conversational media techniques to connect engaged consumers with top brand marketers. Lijit helps publishers of all shapes and sizes engage, understand, and profit from their work. Together the two companies have a complete “stack” that helps publishers do what they do best – and – enables marketers to connect with consumers in authentic and meaningful ways.
I joined Lijit 4 years ago when it was still about 10 people, engineers mostly. Over these past 4 years, we’ve assembled one of the best management teams I’ve ever had the pleasure of working with. Manny, Perry, Sonya, Tom, Mark – all of them are passionate, smart, and 100% committed to building an incredible company. I should be so lucky as to work with people like that! Our investors have been first class, Foundry Group, Boulder Ventures, High Country, and Highway 12. What an all around great group to work with.
The press today on the deal has been outstanding. I love how Lijit’s lead investor Seth Levine put it:
“While ultimately the exit will be measured by the outcome of the combined Lijit/Federated business, based just on this deal’s value alone this ranks as one of the larger transactions for a Denver or Boulder based business in the last decade.”
Agree with Seth – lots of work still to do and the ultimate outcome is still a ways away. I’m really excited to get on with the next chapter.
Some of the stories from Tuesday:
- Todd Vernon blog post
- John Battelle blog post
- FM press release
- Vator News
- Business Insider
- Boulder County Business Report
- McClatchy-Tribune Information Services
- Daily Camera
- Denver Biz Journal
- Q&A in AdExchanger
- Denver Post
- Research Magazine