Kennet invests €16 million in Next PerformanceKennet will support Next Performance, a high growth provider of online performance marketing services, with its continued expansion.
PARIS - 31 May, 2011 Kennet Partners, the technology growth equity investor has announced a €16 million investment in Next Performance, a fast growing online advertising company that specialises in dynamic retargeting. The financing will be used to fund Next Performance’s continued European expansion. Michael Elias, Managing Director at Kennet, and Hillel Zidel, Director at Kennet, will join the Board of Directors of Next Performance.
Next Performance delivers high value retargeting and audience targeting services for brands and large retailers using its proprietary optimization technology. Next Performance’s innovative offering includes dynamic personalized banners, local targeting and massive reach campaigns on multiple business models (CPA, CPC and CPM). Since its establishment in 2008, Next Performance has expanded rapidly - its client base has increased from 11 customers in January 2009 to over 500 in May 2011. The combined retargeting and audience targeting proposition has enabled Next Performance to provide advertisers with a unique solution both to retarget existing customers as well as to acquire new customers.
“We’ve been extremely impressed with the rapid growth of Next Performance, a great example of a founder-led, bootstrapped business. Our investment in Next Performance is the result of our continued focus on the online advertising segment both in Europe and the US”, said Michael Elias, Managing Director at Kennet.
Vincent Karachira, CEO of Next Performance said “After a thorough selection process, we felt that Kennet would be the ideal investor in Next Performance because of their experience of working with companies as they expand internationally and their successful track record in the online advertising sector. Next Performance is already operating its retargeting business in 10 countries, and we will use the capital to significantly expand our international presence.” He added “We are pleased to welcome Kennet on board as a strategic partner.”
Hillel Zidel, Director at Kennet, said “The demand for dynamic retargeting has grown significantly as a result of the high level of performance it provides and Next Performance is uniquely positioned as one of the leaders in the category.”
About Kennet Partners
Kennet is a leading international growth equity firm that invests in companies in North America and Europe. Kennet supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value. Kennet is an experienced investor with approximately $600 million in funds under management. For more information: www.kennet.com. Kennet Partners Limited is authorized and regulated in the UK by the Financial Services Authority.