Undertone Networks, one of the last independent online advertising networks, said Monday that it has taken its first round of private equity investment from JMI Equity, the firm that took DoubleClick private in 2005 and then sold to Google last year.
The 6-year-old Undertone would not disclose terms of the deal, except to say that the investment was worth more than $40 million.
The company didn't need to raise the money. It has been profitable since its launch in 2002, according to Undertone President Michael Cassidy. But the funds will help the company grow through acquisitions and into international … Read more