Today, TechMediaNetwork, Inc., parent company of MyHealthNewsDaily, announced a $33 million Series B financing from ABS Capital Partners, a leading growth equity investor. Existing investors Village Ventures and Highway 12 Ventures also participated in the round.
TechMediaNetwork (TMN) is a leading technology media company that produces news and reviews in the technology and science verticals. TMN will use the funds to increase its acquisition program, further expand its growing news organization, enhance its monetization strategies and increase the distribution of its content, the company said in a statement. As a result of the financing, ABS Capital General Partner Ralph Terkowitz and Principal Paul Mariani will join TMN's board of directors.
Both organically and through complementary acquisitions, we are constantly looking to strengthen and broaden our expansion in the technology news market, said Jerry Ropelato, CEO and founder of TechMediaNetwork. The increased reach and influence of our network will continue to deliver more value to our readers, affiliates and advertising partners.
TechMediaNetwork delivers technology news and product reviews across its 16 different web properties, featuring such flagship sites as LAPTOP, SPACE.com, TopTenREVIEWS and TechNewsDaily. TMN connects consumers, small publishers, advertisers and ecommerce vendors through a network of trusted information, revenue opportunities and audience reach. TMN has built a scalable process for creating highly customizable, trusted editorial content, enabling TMN's award-winning journalists to rapidly create superior news, reviews and commentary.
The company's content reaches tens of millions of unique readers monthly and ranks third in comScore's Technology News rankings. The Company has syndication partners, including Yahoo!, MSNBC.com and the websites of Fox News and CBS News, and advertisers such as American Express, AT&T, Canon, General Motors, HP, Kodak, Sony, Symantec, Toyota and Warner Bros.
We have been searching for a leading technology-oriented internet and mobile publishing business, believing that quality technology content attracts advertisers and ecommerce transactions. TMN is a leader in this space, said Ralph Terkowitz of ABS Capital. We really liked their approach of providing 'news you can use' technology content which is highly attractive to consumers and small businesses alike. We look forward to working with the team as they continue to build on their lead in this important vertical.
TMN has made two acquisitions since its founding and has more than 90 publishing partners. Pacific Crest Securities acted as the advisor to TMN.
About TechMediaNetwork, Inc.
TechMediaNetwork is a leading technology media company that produces news and reviews reaching more than 24 million monthly visitors. TechMediaNetwork editors review more than 800 categories of products and services at TopTenREVIEWS, and publish news, features and commentary at LAPTOP, SPACE.com, LiveScience, Newsarama, TechNewsDaily, iPadNewsDaily, OurAmazingPlanet, BusinessNewsDaily, MyHealthNewsDaily, NorthOrion, SecurityNewsDaily, InnovationNewsDaily, IT TechNewsDaily, Herman Street and Life's Little Mysteries. The company distributes content through its owned and operated websites, syndication partners and website partners, and publishes LAPTOP magazine. To learn more about TechMediaNetwork, visit www.TechMediaNetwork.com, the TechMediaNetwork Facebook Page or follow the company on Twitter @TMN_TechMedia.
About ABS Capital Partners
ABS Capital Partners is a growth equity firm investing in the very best late-stage growth companies, partnering with CEOs to create a bridge to the next critical stage of success. Whether success is defined as a winning IPO like American Public Education, Neustar and Rosetta Stone or a rewarding sale such as US Labs, Course Advisor and Advanced Disposal, ABS Capital's financial backing and active partnership supports the CEO in tackling the challenges of rapid growth and creating significant long-term value.
Our partners are highly experienced at working with growth companieseach having spent between one and three decades in their industry as C-level executives, investment bankers and investors. Our practical, down-to-earth approach enables a strong partnership to determine and achieve well-defined goals. Our extensive network of resources delivers vital industry connections to our portfolio companies enabling them to capitalize on their competitive advantage.
ABS Capital Partners specializes in four growth sectorsbusiness services, health care, media and communications and technology. With over $2 billion raised since inception, including $420 million in our latest fund, ABS Capital continues to build on its strong reputation for teaming with market leaders to deliver strong returns to investors.
For more information, please visit www.abscapital.com.
About Village Ventures
Village Ventures is a seed and early stage venture capital firm focusing on the media and financial services sectors. It partners with outstanding entrepreneurs creating innovative products and solving complicated problems in those industries. Representative portfolio companies include Extreme Reach, Babble, TxVia, Simple Finance (d/b/a Bank Simple), iSend, OnDeck Capital and Metamarkets. For more information, go to www.villageventures.com.
About Highway 12 Ventures
Highway 12 Ventures is an early-stage venture capital firm focused on investing in the most promising high-growth companies in the rocky mountain region. For more information, please visit www.highway12ventures.com.