Jan 31, 2006 6:58 AM, PROMO Xtra
EPrize Secures $32 Million Investment
Interactive marketing agency ePrize announced yesterday that it had received $32 million from a consortium of Detroit-area investors. Dan Gilbert and David Katzman of Quicken Loans Inc., Brian Hermelin, president and co-CEO of Active Aero Group, and Gary Shiffman, CEO of Sun Communities will each serve on the ePrize board, along with ePrize founder and CEO Josh Linkner and COO Robb Lippitt.
Hermelin and Shiffman have been active investors in ePrize since 2001. Gilbert and Katzman are new investors.
"Our new board members will add considerable strategic value to ePrize, acting as mentors and bringing a wealth of experience to enable the company to grow," said ePrize CEO Josh Linkner. He said the cash infusion will allow the company to acquire new clients, develop new technology and continue overall expansion.
EPrize, which is headquartered in Pleasant Ridge, MI, was ranked third in the 2005 PROMO 100. Its clients include Coca-Cola, Procter & Gamble, Schieffelin & Somerset and several promo shops. The firm's net revenues for 2005 were $14.2 million, nearly double those of 2004 and triple its 2002 take.
In other company news, ePrize was notified last week by the Florida Division of Consumer Services that the agency had run more games, contests or sweepstakes in the state during 2005 that any other sponsor. The state of Florida requires registration of all chance-to-win promotions with a prize value over $5000. As such, Florida registrations are an accurate benchmark for all national campaigns. ePrize registered 240 online and offline promotions, 85% more than the next company on the Florida list.
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