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24/7 Media

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For the description of the news media phenomenon, see 24-hour news cycle.
24/7 Media
Company typeWPP
IndustryDigital marketing
Founded1995
HeadquartersNew York City, New York, United States
Key people
David J. Moore (chairman and CEO)
Nicolle Pangis (president, Real Media Group)
Oleg Vishnepolsky (CTO)
Jim Wesley (chief financial officer)
Products24/7 Open AdStream
24/7 Connect
24/7 Data Management Platform
24/7 Search
24/7 Self-Serve

24/7 Media, formerly 24/7 Real Media is a technology company headquartered in New York City and 20 offices in 12 countries, specializing in Digital Marketing. It provides 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.[1][2] David J. Moore is the chairman, founder and CEO. He also served as chairman of the Interactive Advertising Bureau. In December, 2013, 24/7 Media announced it would merge with GroupM subsidiary, Xaxis.[3]

History

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The original name of the company was 24/7 Media which was a result of a unification of Petry Interactive, Interactive Imaginations and Advercomm, Inc.[4][5][6] It had a stock market launch in August 1998[7][8] following which it went through a period of rapid expansion through organic growth and series of acquisitions.[9][10][11][12][13]

A very difficult situation arose in the wake of the tech bubble burst of 2001.[14][15] As a result, 24/7 Media merged with a company called Real Media and changed its name to 24/7 Real Media.[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 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'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 stock appreciation in subsequent years, PubliGroupe received in payments a total of over 25 million dollars by 2007, instead of Doubleclick's $10M.[19]

The turnaround started shortly thereafter according to the stock price. In July 2002 the company raised 7 million dollars in equity funding.[20] In 2003 24/7 Media licensed its patents on behavioral targeting to 6 of its rivals, Doubleclick included.[21] In January 2003 24/7 bought a web analytics company Insight First.[22] In 2004 24/7 Media acquired an SEM technology company Decide Interactive.[23][24] In 2006 Open AdStream and Insight First analytics were integrated.[25]

24/7 Media was acquired in 2007 by WPP[26] at $11.75 a share, a turnaround from the low of 39 cents a share in 2003.[27] Journal The Economist reported that WPP acquisition of 24/7 Media was a reaction to Google acquiring 24/7's main rival DoubleClick.[28] Microsoft was a contender to buy 24/7 Media at the time.[29] A year later in 2008 Microsoft was still interested.[30]

24/7 Media is in digital marketing technology, serving advertisers, agencies and digital publishers worldwide. The 24/7 technology platform is used by its two specialized business units: Real Media Group (ad network and ad serving) and Media Innovation Group (digital marketing agency).

Products

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According to various press releases, SEC filings and the company website 24/7 Media has the following product set:[31][32][33][34][35]

  • A data management platform called the 24/7 DMP (formerly known as ZAP)
  • DSP called 24/7 Trader
  • SEM optimization product called 24/7 search
  • Media and affiliate networks in North America, UK, France and Korea, called 24/7 Access

References

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  1. ^ WPP Group to Buy 24/7 Real Media, an Online Ad Company. New York Times (2007-05-17). Retrieved on 2020-06-26.
  2. ^ WPP to Acquire 24/7. Adweek. Retrieved on 2012-06-02.
  3. ^ WPP Merges Xaxis With 24/7 Media Ad Age- (2013-12-03) Retrieved on 2014-02-18.
  4. ^ THE MEDIA BUSINESS: ADVERTISING – ADDENDA; Interactive Agencies Are Set to Merge. New York Times (1997-12-22). Retrieved on 2012-06-02.
  5. ^ IQ News: Insider – New Media, 24/7. Adweek. Retrieved on 2012-06-02.
  6. ^ 24/7 Media: Creating a New Media Giant via Mergers and Acquisitions. Va-interactive.com. Retrieved on 2012-06-02.
  7. ^ 24/7 Media goes public. CNET (1998-08-14). Retrieved on 2020-06-26.
  8. ^ 24/7 Real Media Inc – S-1/A – On 7/24/98. SEC Info. Retrieved on 2012-06-02.
  9. ^ TECHNOLOGY BRIEFING: DEALS; 24/7 MEDIA BUYS WEBSITE RESULTS. New York Times (2000-08-25). Retrieved on 2020-06-26.
  10. ^ COMPANY NEWS; 24/7 MEDIA REACHES AGREEMENT TO BUY E-MAIL MARKETER. New York Times (2000-03-01). Retrieved on 2012-06-02.
  11. ^ COMPANY NEWS; 24/7 MEDIA BUYS TWO ONLINE ADVERTISING COMPANIES. New York Times (2000-01-11). Retrieved on 2012-06-02.
  12. ^ COMPANY NEWS; 24/7 MEDIA BUYS E-MAIL MARKETER TO EXPAND DATA BASE –. New York Times (1999-08-11). Retrieved on 2012-06-02.
  13. ^ THE MEDIA BUSINESS: ADVERTISING; Three new acquisitions and affiliations reflect the quickening pace in the world of interactive ads. New York Times (1998-06-04). Retrieved on 2012-06-02.
  14. ^ “Worst Time In My Life” « Startup At Work. Startupatwork.org (2010-03-01). Retrieved on 2012-06-02.
  15. ^ Considering Bankruptcy « Startup At Work. Startupatwork.org (2010-03-01). Retrieved on 2012-06-02.
  16. ^ Technology Briefing – Internet – 24/7 And Real Media To Merge. NYTimes.com (2001-10-31). Retrieved on 2012-06-02.
  17. ^ 24/7 Media to buy ad rival in survival bid. ZDNet. Retrieved on 2020-06-26.
  18. ^ Buying Real Media « Startup At Work. Startupatwork.org (2010-03-01). Retrieved on 2012-06-02.
  19. ^ News | Interactive Investor. Iii.co.uk. Retrieved on 2012-06-02.
  20. ^ 24/7 Real Media nabs $7 million. CNET News (2002-07-02). Retrieved on 2020-06-26.
  21. ^ Ad firm 24/7 pushing for patent power. CNET. Retrieved on 2020-06-26.
  22. ^ 24/7 Real Media buys Web analytics firm. ZDNet (2003-01-22). Retrieved on 2020-06-06.
  23. ^ Technology Briefing | Deals: 24/7 Real Media Acquires Decide Interactive. New York Times (2004-08-20). Retrieved on 2012-06-02.
  24. ^ 24/7 Real Media Buys Search Tech Firm. ClickZ. Retrieved on 2012-06-02.
  25. ^ 24/7 Unveils Open AdStream 6 Archived 2015-02-15 at the Wayback Machine. iMediaConnection.com (2006-04-25). Retrieved on 2012-06-02.
  26. ^ WPP Acquires 24/7 Real Media for $649m. TechCrunch (2007-05-17). Retrieved on 2012-06-02.
  27. ^ 24/7 Real Media Inc – SC 14D9/A – 24/7 Real Media Inc – On 6/8/07 – EX-99.1. SEC Info (2007-05-17). Retrieved on 2012-06-02.
  28. ^ Microsoft: Truth in advertising. The Economist. Retrieved on 2012-06-02.
  29. ^ Microsoft Is Said to Consider a Bid for 24/7 – NYTimes.com. Dealbook.nytimes.com (2007-05-01). Retrieved on 2012-06-02.
  30. ^ Microsoft, WPP May Eye Online Advertising Swap – NYTimes.com. Dealbook.nytimes.com (2008-08-25). Retrieved on 2012-06-02.
  31. ^ 24/7 Real Media UK Ltd.: Private Company Information – Businessweek. Investing.businessweek.com. Retrieved on 2012-06-02.
  32. ^ 24/7 Real Media Announces Real-Time Bidding Capabilities. Business Wire (2011-11-17). Retrieved on 2012-06-02.
  33. ^ WPP’s Media Innovation Group GM Brian Lesser On DSPs, Holding Cos And Launching ZAP 3.0. Adexchanger.com (2010-06-10). Retrieved on 2012-06-02.
  34. ^ 24/7 Real Media’s global web alliance now fifth largest ad network in the U.S. WPP. Retrieved on 2012-06-02.
  35. ^ Home | Media Innovation Group Archived 2011-11-30 at the Wayback Machine. Themig.com. Retrieved on 2012-06-02.
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