HookLogic To Expand to Meet Rapidly Increasing Demand for E-Commerce Media
NEW YORK – September 8, 2011 –HookLogic today announced a $9.5 million round of financing from Bain Capital Ventures. It is the first institutional investment accepted by HookLogic after six years of profitable growth. The funding will be used to expand the organization and further innovate its proprietary Software-as-a-Service (SaaS) platform that has underpinned the company’s unprecedented growth in the first half of 2011, including its market-leading automotive business.
HookLogic’s targeted incentive programs and partnership with lead-scoring solution provider RL Polk have helped clients achieve an average 20 percent increase in close rates by converting more consumer leads into showroom visitors. Clients include MileOne Automotive, Germain Motor Company, Suburban Collection, Herb Chambers Auto Group, Younger Auto Group and AutoTrader. Its timing concurs with a hugely successful first half of 2011 in which it signed a channel partnership agreement with AutoUSA Internet Sales Solutions, the premier independent Internet lead provider, to power its ShowPro suite of products.
“We have made very selective and profitable investments in the automotive software space,” says Deepak Sindwani, principal at Bain Capital Ventures. “HookLogic has a proven business model, loyal clients, and provides an amazing return on investment to automotive marketers. We’re thrilled to be a partner in scaling the business.”
Bain was the primary investor in vAuto, an inventory optimization software company that was recently acquired by AutoTrader.
“We see this as a validation of our business model from one of the smartest, most demanding investors in the world,” says Opdyke. “Today, automotive dealers and marketers generate an amazing number of leads, but there is a clear gap when it comes to converting those leads into showroom visits. We’re successfully bridging that gap and helping our clients win more business and grow marketshare.”
Opdyke pointed out the financing announcement builds on the company’s recent hire of David Metter as president of HookLogic’s automotive division. Metter is one of the foremost experts in automotive digital marketing and has been a driving force in the adoption of many new technologies, including HookLogic.
With its new funding, HookLogic plans to aggressively expand its business across the automotive sectors in North America and Europe.
About HookLogic’s Incentive Solutions for the Auto Industry
HookLogic powers targeted incentive programs that drive in-market shoppers to auto dealerships and other lead-driven businesses. HookLogic solutions are easily implemented, work with nearly any marketing medium and enable end-to-end reporting and optimization. Headquartered in New York City, the company has offices in Ann Arbor, MI, Atlanta, GA and Manchester, UK. Clients include Trader Media Group, MileOne Automotive, Germain Motor Cars, Suburban Collection, Acton Toyota, and AutoTrader.com. Learn more at http://www.hooklogic.com/auto-dr/
About Bain Capital Ventures:
Bain Capital Ventures is the Boston-based venture capital affiliate of Bain Capital, which has approximately $65 billion of assets under management worldwide. Founded in 1984, Bain Capital and its affiliates havemade more than 300 investments. The firm’s history of investing in early stage companies also dates back to 1984, having made over 125 venture-stage investments since inception including such companies as Gartner Group, SunGard, Experian, Archer Technologies, SolarWinds, DoubleClick, Instinet, Staples, ProfitLogic, Regulatory Data Corporation, Shopping.com, Taleo, and LinkedIn. In 2001, Bain Capital Ventures was formed as a separate arm of Bain Capital tofocus exclusively on growth investments.