BOSTON and NEEDHAM, Mass./Sept. 8, 2003 - Comerica Bank (NYSE: CMA), a leading financial services company, and IT media company TechTarget announced today that Comerica’s Technology and Life Sciences Division has provided TechTarget with a $1.25 million term loan. The funds will go toward financing TechTarget’s recent acquisition of Information Security magazine.
"We are pleased to provide this credit facility to TechTarget, which offers highly targeted media and events for enterprise IT professionals, said Dianne Russell, senior vice president, managing director, Comerica Northeast Technology and Life Sciences Division. "Comerica is committed to supporting venture-backed companies that demonstrate the sound fundamentals necessary for long-term success. Our wealth of experience in the technology finance arena is reflected in our outstanding portfolio, which includes many innovative companies like TechTarget."
Launched in 1999, TechTarget offers targeted media and events that allow IT vendors to reach highly qualified audiences of enterprise IT professionals. More than 1,000 IT vendors, including the most distinguished IT organizations in the world, use TechTarget’s efficient advertising vehicles to increase brand awareness and generate leads that convert to sales.
TechTarget reported a record profit for the second quarter of 2003, with revenues rising 31 percent over the same time period in 2002. Also during the second quarter, TechTarget was honored by BtoB magazine in its Media Power 50 list (for the third consecutive year) and the company’s co-founder and CEO, Greg Strakosch, received the Ernst & Young New England Entrepreneur of the Year® Award. TechTarget was recently recognized by the Boston Business Journal as the third-fastest growing private company in Massachusetts.
"It is important to us to work with a bank that understands high-growth companies and has the ability to meet our financial needs long term. We found that with Comerica, along with a team that is very responsive and helpful," said Eric Sockol, CFO, TechTarget. "We have very aggressive growth plans, and given our successes during a very difficult economy, we are extremely optimistic about TechTarget’s future."
About TechTarget
IT media company TechTarget offers the most targeted media for enterprise IT professionals, including invitation-only conferences, e-mail newsletters, Webcasts, Storage magazine, Information Security magazine, and the only network of Web sites targeting specific sectors of the IT market. TechTarget offers measurably effective branding and lead-generation programs, including TargetROI, an integrated advertising program that helps advertisers maximize the return on their advertising investment by providing them with strategic counsel and a guaranteed number of leads. TechTarget’s more than 1,000 advertisers include the leading IT companies in the world, among them, IBM, Microsoft, Oracle, HP, Sun Microsystems, Intel Corp., EMC Corp. More information about TechTarget is available at www.techtarget.com.
About Comerica Bank’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast. Comerica is among the 20 largest banking companies in the nation, with $59 billion in assets as of June 30, 2003. For more information, visit www.comerica.com.
For More Information:
Catherine Engelke
TechTarget
(781) 657-1539
cengelke@techtarget.com
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600 x319
amoch@pacifico.com
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
