Red Ventures Acquires Modern Consumer
High-Growth Customer Acquisition Marketer Acquires Leading Provider of Consumer Auto Finance Leads
CHARLOTTE, N.C.--Red Ventures, a leader in high-tech, online customer acquisition marketing for verticals including home services, consumer products, education, home improvement and small business services, announced today that it has acquired New York, N.Y.-based Modern ConsumerTerms of the transaction were not disclosed.
Modern Consumer operates an extensive lead generation and distribution network serving the automotive finance industry. The network is a leading source of consumer finance applications for U.S. auto dealerships and lending institutions.
Red Ventures blends online prospecting with consultative phone sales, converting leads into new customers for well-known brands in a range of verticals. Each day, the company generates more than 1 million marketing impressions and talks to nearly 15,000 customers. The business model is scalable, and Red Ventures is growing rapidly as a result -- it was ranked fourth on the 2007 Inc. 500 list of fastest-growing private companies and has had revenue growth of nearly 6000% over the past three years.
"This solidifies our position as an online marketing powerhouse," said Red Ventures co-founder and CMO (Chief Marketing Officer) Dan Feldstein. "Modern Consumer's expertise in online lead generation combined with our broad channel mix, sales engine and advanced analytics provides unlimited fuel for expansion into new product and service categories."
"The acquisition will supercharge both businesses," said Red Ventures co-founder and CEO Ric Elias. "Together, we can generate more online leads more efficiently, and ultimately make them more valuable to the companies we partner with. The Modern Consumer model will evolve from delivering leads to delivering customers."
Modern Consumer will operate as a division of Red Ventures, run by the current management team in its SoHo offices in downtown Manhattan.
"We are excited to continue growing our online lead generation business as part of Red Ventures," said Modern Consumer Managing Director Michael Fishman. "Our companies share similar values, and both are lean, agile, entrepreneurial and data-driven. With the additional resources of Red Ventures, we can even more rapidly achieve our growth goals."
Morgan Joseph served as exclusive financial advisor to Modern Consumer in connection with this transaction. Kramer Levin Naftalis & Frankel LLP served as legal advisor to Modern Consumer, and Womble Carlyle Sandridge & Rice served as legal advisor to Red Ventures in connection with this transaction.
About Red Ventures
Red Ventures is an Internet marketing company that develops and manages large-scale, multi-channel customer acquisition programs for leading brands in the U.S., Canada and Puerto Rico. The company generates new customers through proprietary marketing channels, exclusive partnerships, and an innovative process that optimizes lead-to-sale conversion and channel mix. Over 450 employees serve partner companies in a range of verticals, including home services, consumer products, education, home improvement and small business services. Founded in 2000 by Ric Elias and Dan Feldstein, Red Ventures was ranked fourth on the 2007 Inc. 500 list of fastest-growing private companies. The company is headquartered in Charlotte, North Carolina. For career inquiries, visit www.redventures.com/careers.html.
About Modern Consumer
Modern Consumer, based in New York, N.Y., was founded in 2002 by Michael Fishman, Michael Jacobson, Steven Leavy, and Josh Reznick, four seasoned veterans of the online marketing industry. With extensive experience developing online marketing campaigns and providing technology solutions for some of the largest online marketers, Modern Consumer has quickly become a clear leader in the online auto finance industry.
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