Digital marketing and data management software provider [x+1] announced today the company received $17 million in funding from Ares Capital. It will use the investment to support its overall market expansion as well as the company’s growth strategy of targeted acquisitions.
[x+1] works with companies to synchronize consumer engagements through a variety of marketing channels.
“We are in a very fortunate position here at [x+1],” said John Nardone, the company’s chief executive officer. “We have a wonderful base of clients. Organic growth is strong, and we are cash flow positive, so we’ve been able to secure growth capital at favorable terms without needing to cede equity in the company. This gives us additional resources to continue our strong forward momentum.”
Recently, [x+1] has improved it’s flagship product [x+1] Orgin, the only data management platform that enables real-time decisions across all paid and owned marketing channels, and acquired UberTags, a leading tag management company, earlier this year.
The company is planning to build on this success with the funds received from Ares Capital. The New York-based company was founded in 1999 and has previously received $28 million in funding.