NEW YORK, Nov 1 (Reuters) - Specific Media, a closely held online advertising network, said on Thursday it raised as much as $100 million in funding from private equity firm Francisco Partners.
Francisco Partners, which has about $5 billion under management, is making the investment at a time when online advertising companies are being swept up by Web and technology powerhouses like Google Inc (GOOG.O), Yahoo Inc YHOO.O and Microsoft Corp (MSFT.O).
Google, for instance, has agreed to buy New York-based Web advertising company Doubleclick Inc for $3.1 billion.
“The online advertising space continues to be one of the most attractive segments of the technology market,” Neil Garfinkel, a co-founder of Francisco Partners, said in a statement. Garfinkel will take a spot on Specific Media’s board.
Specific Media, whose online network aims to let marketers target specific audiences for advertising, plans to use the funding for acquisitions. At the moment, it trails only Time Warner Inc’s TWX.N Advertising.com and ValueClick Inc VCLK.O in traffic among advertising networks, according to comScore data.
Specific Media was advised by Piper Jaffray on the deal. (Reporting by Paul Thomasch)