IQ2.net is a provider of online registrations and direct marketing lists and services. The merged company, to be known as Naviant, will deliver new ad targeting solutions.
The acquisition is being funded by TL Ventures; GE Equity, a subsidiary of General Electric Co.; First Union Capital Partners, a subsidiary of First Union Corp.; BCI Partners, Inc.; and Catterton Partners. 24/7 Media Inc.is both a strategic partner and investor in the alliance.
“The acquisition of IQ2.net directly supports Naviant’s aggressive growth goals in the eCRM market,” said Jim Flynn, president of Pennsylvania-based Naviant. “This is a major milestone in our corporate strategy of becoming the premier provider of information and tools to enable precision targeting of current and new customers for e-business applications.”
“The acquisition is particularly exciting given the recent activities in the online advertising market,” said Charles Stryker, president of IQ2.net, who will assume the position of CEO and president of the new company. “The new entity intends to deliver a product line to enable marketers to precisely target customers and prospects in both the physical and virtual worlds.”
“This alliance will take marketing to a new level,” said David J. Moore, president and CEO of 24/7 Media. “There is a hole in the market when it comes to true precision targeting for the Web. Naviant and IQ2 have the technical skills and the database products to fill this void.
“The new company is the missing piece in the Internet marketing puzzle. In conjunction with Profilz, 24/7’s own database, we’ll be able to perform unmatched, one-to-one target marketing to Internet users.”
In addition to its High-Tech Household File, Atlanta-based IQ2.net provides direct marketing support services, and is the largest outsource provider of electronic registration services.
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