SwampFox

avVenta Worldwide Announces $20 Million Investment By Private Equity Firm TZP Group LLC

Submitted by: Theodore Tanner on Jan 14, 2009 at 1:12 pm Tagged with: Private Equity Source: techjournalsouth.com

Note by Theodore Tanner: A shame it had to be someone not in the Southeast region that funded these folks. good on them.

Digital production firm avVenta Worldwide closes $20M investment
January 13, 2009

CHARLESTON, SC - Online advertising and digital production company avVenta Worldwide has closed a strategic investment of about $20 million from an affiliate of the TZP Group, a New York private equity firm.

The company says it will use the funds to continue global expansion.

Founded in 2005, avVenta Worldwide clients include Microsoft, Citigroup, Norwegian Cruise Line, Sony, MTV, eBay, Ogilvy, Prodigious Worldwide, Organic and TBWA.

The company says its near-shoring business model allows it to offer lower-cost end-to-end digital production and rich media solutions that are scalable and created by industry-leading digital production talent.

Jay Noce, President and CEO of avVenta Worldwide said, “We have experienced robust and sustained growth in these challenging economic times and intend to use this capital to accelerate our expansion plans by building new global production centers, client relationship management locations in the United States and Europe, and acquiring complementary digital marketing services businesses.”

Sam Katz, Managing Partner of TZP Group said, “TZP believes the migration to digital media is, and will continue to be, one of the most powerful trends in the media and marketing services industries."

In connection with the TZP investment, Katz will become chairman of, and Dan Galpern, senior principal, will become a member of, avVenta’s Board.

The company has 500 employees with offices in San Jose, Costa Rica as well as its Charleston, HQ.