ExactTarget

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ExactTarget
Industry Marketing automation
Founded Indianapolis, Indiana
December 15, 2000
Founder(s) Peter McCormick, Scott Dorsey and Chris Baggott
Headquarters Indianapolis, Indiana
Number of locations 14[1]
Area served Worldwide
Key people Scott McCorkle, CEO
Revenue $292.3 million (2012)[2]
Employees 1,800 (2013)[3]
Parent Salesforce.com
Website exacttarget.com

ExactTarget is a provider of digital marketing automation and analytics software and services. It was founded in 2000. ExactTarget filed for an IPO in 2007, but then withdrew its filing two years later and raised $145 million in funding. It acquired CoTweet, Pardot, iGoDigital and Keymail Marketing. In 2012, ExactTarget raised $161.5 million in an initial public offering, before being acquired by Salesforce for $2.5 billion in 2013.

Corporate history[edit]

ExactTarget was founded in late 2000 by Scott Dorsey, Chris Baggott, and Peter McCormick with $200,000.[4][5] It raised $10.5 million in funding from Insight Venture Partners in 2004.[6] The firm grew from $11.5 million its second year of operations to $41.1 million in 2006, which was its first profitable year.[7] In December 2007, ExactTarget filed an intent for an initial public offering with the Securities Exchange Commission,[8] but withdrew its filing in May 2009.[6] Instead, it announced $70 million in venture funding had been raised for international expansion, which was followed by another $75 million round later that year.[6][9][10][11] An office was established in London[12] with the acquisition of its UK-based reseller Keymail Marketing in September 2009.[13][14] It also hired 200 additional employees.[6] In 2010, ExactTarget acquired CoTweet, a tool for managing multiple Twitter accounts that was founded in 2008.[15]

The company went public in March 2012[16] and raised $161.5 million on the New York Stock Exchange.[17] In late 2012, it acquired a marketing automation vendor, Pardot, for $96 million, and iGoDigital for $21 million.[4][18] In 2012, its revenues grew 40 percent over the prior year.[19] The following June, ExactTarget was acquired by salesforce.com for $2.5 billion.[20] A few months later, salesforce.com said it was laying off 200 staff due to overlaps after the ExactTarget acquisition.[21] That September at the ExactTarget Connections conference, salesforce.com said it was integrating ExactTarget into a new division called Salesforce ExactTarget Marketing Cloud.[22]

In May 2014, Scott Dorsey stepped down as CEO and was replaced by Scott McCorkle.[23]

Software and services[edit]

ExactTarget develops marketing automation and analytics software for email, mobile, social and online marketing. It also offers consulting and implementation services.[24] It's sold primarily on a multi-year subscription basis based on what features are enabled, number of users and level of customer service.[25]

The ExactTarget Interactive Marketing Hub was released in 2010, when the software's user interface was re-done, and serves as the software's primary user interface for managing communications and content through different mediums.[26][27][28] Its software is offered in a hosted, online subscription model.[8] ExactTarget owns the CoTweet,[27] Pardot, and iGoDigital tools. Its mobile features, as well as many of its workflow and collaboration tools were released in July 2013.[29]

ExactTarget was originally founded as an email marketing vendor.[6] Its email management software maintains mailing lists and schedules[30] and modifies email messages based on what recipients read, clicked-on or forwarded.[31][32]

Operations[edit]

As of December 2012, about 1000 of ExactTarget's 1,500 employees were located in Indianapolis.[4] The company hosts an annual user conference called the ExactTarget Connections Event.[33]

Further reading[edit]

References[edit]

  1. ^ Global Offices, ExactTarget 
  2. ^ ExactTarget Announces Fourth Quarter and Full Year 2012, ExactTarget, December 31, 2012, retrieved September 25, 2013 
  3. ^ Human, Dan (August 29, 2013). "ExactTarget parent cutting 200 jobs worldwide due to merger". Indianapolis Business Journal. Retrieved September 24, 2013. 
  4. ^ a b c "Digital marketer ExactTarget splashed onto NYSE". Indianapolist Business Journal. December 28, 2012. Retrieved September 24, 2013. 
  5. ^ Mitra, Sramana (February 2, 2012). "ExactTarget Rides Email Marketing Wave". 
  6. ^ a b c d e "The $100 million Revenue Club: ExactTarget". The Wall Street Journal. February 10, 2010. Retrieved September 26, 2013. 
  7. ^ Andrews, Greg (December 17, 2007). "Breaking: ExactTarget plan $86M IPO". Indianapolis Business Journal. Retrieved September 24, 2013. 
  8. ^ a b "Largest 2004 Indiana Venture Capital Deals". Associated Press. December 15, 2007. Retrieved September 25, 2013. 
  9. ^ Tartakoff, Joseph (May 7, 2009). "E-Mail Marketer ExactTarget Raises $70 Million from Venture Firms; Delays IPO". CBS News. Retrieved September 24, 2013. 
  10. ^ Mullaney, Tim (May 14, 2009). "DigitalGlobe Shares Advance after $279.3 Million IPO". Bloomberg. Retrieved September 24, 2013. 
  11. ^ Hosford, Christopher (May 7, 2009). "ExactTarget secures $70 million venture capital investment". BtoB Magazine. Retrieved September 24, 2013. 
  12. ^ MacMillan, Gordon (March 3, 2010). "Twitter welcomes ExactTaret acquisition of CoTweet". BrandRepublic. Retrieved September 24, 2013. 
  13. ^ Hosford, Christopher (September 8, 2009). "ExactTarget establishes direct European presence with acquisition". BtoB Magazine. Retrieved September 24, 2013. 
  14. ^ "ExactTarget acquires CoTweet". The Deal Pipeline. March 2, 2010. Retrieved September 24, 2013. 
  15. ^ Ingram, Matthew (March 2, 2010). "Worlds of Email Marketing and Twitter Colllide". Giga Om. 
  16. ^ Tan, Anjelica (March 22, 2012). "ExactTarget Soars in Debut after Initial Public Offering". Bloomberg. Retrieved September 24, 2013. 
  17. ^ "Venture-backed IPOs raised $1.5 billion last quarter". Reuters. April 2, 2012. Retrieved September 24, 2013. 
  18. ^ Brosnan, Rob (October 11, 2012). "ExactTarget Acquires IGoDigital and Pardot". Forrester. Retrieved September 24, 2013. 
  19. ^ Fletcher, Chris (April 23, 2013), Magic Quadrant for CRM Lead Management, Gartner 
  20. ^ Hesseldahl, Arik (August 29, 2013). "Can Salesforce Keep its Cloud Business Growing". AlllThingsD. Retrieved September 24, 2013. 
  21. ^ Bort, Julie (September 4, 2013). "Salesforce Cuts 200 Jobs from Marketing Cloud Thanks to ExactTarget Acquisition". Retrieved September 24, 2013. 
  22. ^ Konrad, Alex (September 18, 2013). "Announcing New Partnership, Salesforce and Workday Crash Oracle’s Earnings Day". Forbes. Retrieved October 31, 2013. 
  23. ^ Swiatek, Jeff (June 3, 2014). "New ExactTarget CEO predicts accelerated growth". Indianopolis Star. Retrieved July 1, 2014. 
  24. ^ Products, ExactTarget, retrieved September 25, 2013 
  25. ^ Amendment No. 1 to Form S-1 Registration Statement, Securities Exchange Commission 
  26. ^ Gonsalves, Antone (October 4, 2010). "Twitter CEO Williams Steps Down". InformationWeek. Retrieved October 31, 2013. 
  27. ^ a b Diana, Alison (September 17, 2010). "Twitter Touts Redesign's Advantages for Marketers". InformationWeek. Retrieved September 24, 2013. 
  28. ^ Interactive Marketing Hub, ExactTarget 
  29. ^ Levine, Barry (September 19, 2013). "Marketing Automation Provider ExactTarget, on a Roll, Launches New Email Products". CMS Wire. Retrieved September 24, 2013. 
  30. ^ Entrepreneur Press (1 March 2009). Start Your Own E-Business. Entrepreneur Press dba Entrepreneur Media, Incorporated. pp. 131–. ISBN 978-1-61308-065-8. Retrieved 25 September 2013. 
  31. ^ Maximizing Your Sales with Microsoft Dynamics CRM 4.0. Cengage Learning. pp. 229–. ISBN 978-1-59863-837-0. Retrieved 25 September 2013. 
  32. ^ Cindy Krum (25 February 2010). Mobile Marketing: Finding Your Customers No Matter Where They Are. Pearson Education. pp. 112–. ISBN 978-0-7686-9479-6. Retrieved 25 September 2013. 
  33. ^ VanBoskirk, Shar (September 15, 2011), Making Connections Through Exact Target, Forrester 

External links[edit]