[Sydney, AUSTRALIA] Internet measurement firm Red Sheriff has secured $30 million worth of funding from investment fund Deutsche European Partners, enabling the company to move into the U.S. market.
In the third round of funding, Deutche European Partners, managed by Morgan Grenfeld Private Equity, have joined earlier round Australian venture capital investors Equity Partners and the Australasian Media and Commmnications Fund in what Red Sheriff claims is one of the largest private equity placements for an Australian technology this year.
“Despite the doom and gloom that has dogged tech stocks these past months Red Sheriff is enjoying a record year, a testimony to the company’s highly successful business model that has delivered four-fold increases in company turnover, and global expansion of our world-leading e-metric services and technologies to over 20 countries in the past eight months,” said newly appointed Joint Chief Executive Officer, Richard Webb..
Earlier this year, Red Sheriff announced a multi-million dollar partnership with U.K.-based global communications services WPP Group, which is listed on the Nasdaq and London Stock Exchanges..
“Red Sheriff is one of the few Australian new economy e-companies to have successfully expanded its business on a truly global scale. We intend to employ funds raised from this round to substantially expand our product offering and continue our global expansion efforts with a move into the U.S. next month,” said Webb.
Today’s announcement follows fast on the heels of Red Sheriff’s recent round of expansion roll-outs in Europe and Asia-Pacific, and as part of the company’s U.S. entrance strategy Red Sheriff will relocate its headquarters to New York.
“Red Sheriff is powerfully positioned to now enter the U.S. market,” continued Webb. “Our recent acquisition of a significant U.S. digital-media metric patent, methodologies and software has further fortified the company’s competitive advantage in setting the online measurement standards and currencies.”
“We have been fortunate in that our Australian venture capital investors, Equity Partners and AMCF, have added substantial strategic value to Red Sheriff, playing a pivotal role in the company’s growth and capital raising initiatives,” he said.
Red Sheriff’s two key products, Red Measure and Red Gauge, are what the company believes has “created a buzz” around the e-research company. Red Measure is a custom-designed browser-based Web site that measures hits, it’s primary function to create a comprehensive profile of the clients’ customers.
RedGauge is an audience rating system, combining site-centric census data with user-centric panel data enabling precise Web site ratings and profiling data used by online publishers and other sectors of the e-business industry.