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24/7 Media, Inc.
Company typea WPP company
IndustryDigital marketing
Founded1995
HeadquartersNew York City, New York, USA
Key people
David J Moore (CEO)
Ari Bluman (President, N.A.)
Nicolle Pangis (President, EU)
Oleg Vishnepolsky (CTO)
James Wesley (CFO)
ProductsAdPlatform (Open AdStream)
Ad serving
Websitehttp://www.247media.com/

24/7 Media, Inc. is a technology company headquartered in New York City specializing in Digital Marketing. It provides digital marketing solutions for publishers, advertisers and agencies globally. It was formerly listed as "TFSM" on the NASDAQ stock exchange. The company was purchased by WPP plc in 2007 for $649 million dollars.[1][2] David J. Moore is the Chairman, Founder & CEO . He also served as chairman of the Interactive Advertising Bureau.

History

The original name of the company was 24/7 Media, Inc. which was a result of a unification of Petry Interactive, Interactive Imaginations and Katz Millennium Marketing.[3][4][5] It had a stock market launch in August 1998[6][7] following which it went a through a period of rapid expansion through organic growth and a series of acquisitions. [8] [9] [10] [11] [12]

A very difficult situation arose in the wake of the tech bubble burst of 2001.[13][14] As a result, 24/7 Media, Inc. merged with a company called Real Media and changed its name to 24/7 Media, Inc..[15][16][17] As part of this merger it acquired an advertising technology platform called Open AdStream. According to a video recording of the CEO produced 9 years later,[18] it was able to capitalize on a mistake by Doubleclick. Doubleclick had agreed to buy Real Media for 11 million dollars. DoubleClick tried to change the offer to 10M at the last moment. Thus, the sellers - a Swiss company PubliGroupe - gave 24/7 Media, Inc. an opportunity to acquire Real Media for no-cash 2 million dollar of stock swap. This acquisition came at the right time as 24/7 Media, Inc.'s stock was trading at 10 cents. The Real Media acquisition brought intellectual property, Open Adstream, additional revenues and clients. Incidentally, because of the 24/7 Media, Inc. stock appreciation in subsequent years, PubliGroupe received in payments a total of over 25 million dollars by 2007, instead of Doubleclick's $10M.[19][20][21]

The turnaround started shortly thereafter according to the stock price. In July 2002 the company raised 7 million dollars in equity funding.[22] In 2003 24/7 Media, Inc. licensed its patents on behavioral targeting to 6 of its rivals, Doubleclick included.[23] In January 2003 24/7 bought a web analytics company Insight First.[24] In 2004 24/7 Media, Inc. acquired an SEM technology company Decide Interactive.[25][26] In 2006 Open AdStream and Insight First analytics were integrated.[27]

24/7 Media, Inc. was acquired in 2007 by WPP[28] at $11.75 a share, a turnaround from the low of 39 cents a share in 2003.[29] Journal The Economist reported that WPP acquisition of 24/7 Media, Inc. was a reaction to Google acquiring 24/7's main rival DoubleClick.[30] Microsoft was a contender to buy 24/7 Media, Inc. at the time.[31] A year later in 2008 Microsoft was still interested.[32]

Video Recordings

David J. Moore, CEO and Founder of 24/7 Media, Inc.

In 2010 the CEO of 24/7 Media, Inc. David J Moore made some frank and inspirational comments about the company history and the WPP acquisition in a series of 12 short video recordings.[33] In one of the recordings Moore says that the reason the company survived and prospered was that "we simply refused to give up". This remark is consistent with Moore's being a marathon runner, Iron Man and a long distance swimmer.[34][35][36][37] There is a number of recordings of the CEO on Youtube.[38]

Products

According to various press releases, SEC filings and the company website 24/7 Media, Inc. has the following product set [39][40][41][42][43]:

  • Publisher side adserver integrated with SSP and a Web Analytics engine together called Open AdStream
  • Ad Agency side Data and Ad Management Platforms called Zeus and ZAP
  • DSP called ZAP Trader
  • SEM optimization product called ZAP search
  • Media and affiliate networks in North America, UK, France and Korea

References

  1. ^ New York Times:WPP Group Plans to Buy 24/7 Media, Inc.
  2. ^ Adweek: WPP to Acquire 24/7
  3. ^ Interactive Agencies Are Set to Merge
  4. ^ IQ News: Insider - New Media, 24/7
  5. ^ 24/7 Media, Inc.: Virtual Advisor:Creating a New Media Giant via Mergers and Acquisitions
  6. ^ CNET:24/7 Media, Inc. goes public
  7. ^ SEC S1 filing
  8. ^ New York Times:TECHNOLOGY BRIEFING: DEALS; 24/7 MEDIA BUYS WEBSITE RESULTS
  9. ^ New York Times:COMPANY NEWS; 24/7 MEDIA REACHES AGREEMENT TO BUY E-MAIL MARKETER
  10. ^ New York Times:COMPANY NEWS; 24/7 MEDIA BUYS TWO ONLINE ADVERTISING COMPANIES
  11. ^ New York Times:COMPANY NEWS; 24/7 MEDIA BUYS E-MAIL MARKETER TO EXPAND DATA BASE
  12. ^ New York Times:Three new acquisitions and affiliations reflect the quickening pace in the world of interactive ads.
  13. ^ Worst Time In My Life
  14. ^ Considering Bankruptcy
  15. ^ New York Times:Technology Briefing | Internet: 24/7 And Real Media To Merge
  16. ^ CNET:24/7 Media, Inc. to buy ad rival in survival bid
  17. ^ 247 Media and Real Media Merge
  18. ^ Buying Real Media
  19. ^ Divestment Gain for PubliGroup from sale of stake in 24/7 Media, Inc.(PubliGroupe, Investor and Media Relations, 2007
  20. ^ PubliGroupe sells 4.5 pct stake in 24/7 Media, Inc. to WPP Group
  21. ^ MediaPost, Online Media Daily May 2003
  22. ^ CNET:247 Rel Media nabs 7 million
  23. ^ CNET:Ad firm 24/7 pushing for patent power
  24. ^ 24/7 Media, Inc. buys Web analytics firm
  25. ^ New York Times:Technology Briefing | Deals: 24/7 Media, Inc. Acquires Decide Interactive
  26. ^ 24/7 Media, Inc. Buys Search Tech Firm
  27. ^ 24/7 Unveils Open AdStream 6
  28. ^ WPP Acquires 24/7 Media, Inc. for $649 Million
  29. ^ WPP Tender Offer
  30. ^ Economist:Business and Finance:Truth in advertising, May 2007
  31. ^ New York Times:Dealbook:Microsoft Is Said to Consider a Bid for 24/7
  32. ^ New York Times:Dealbook: Microsoft, WPP May Eye Online Advertising Swap
  33. ^ Taking the leap at the age of 45
  34. ^ NYC Alpha-1 Swim Team's English Channel crossing wasn't easy
  35. ^ They'll swim the English Channel -- and while they're at it, they'll raise funds for Alpha-1 research
  36. ^ DLD conference
  37. ^ Iron Man Race Results for 2003 Season
  38. ^ Youtube recordings of the CEO
  39. ^ 24/7 Media, Inc. UK Ltd, Bloomberg Businessweek
  40. ^ 24/7 Media, Inc. Announces Real-Time Bidding Capabilities
  41. ^ WPP’s Media Innovation Group GM Brian Lesser On DSPs, Holding Cos And Launching ZAP 3.0
  42. ^ 24/7 Media, Inc.’s global web alliance now fifth largest ad network in the U.S
  43. ^ Media Innovation Group - ZAP Products
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