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GoAdv preps European buying spree after €11m financing

Mike Butcher
Tuesday, July 29th, 2008
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Mike Butcher is the European Editor for TechCrunch. A former grunge rock drummer, he became a long time journalist, and has since written for UK national newspapers and magazines including The Financial Times, The Guardian, The Times, The Daily Telegraph and The New Statesman. Mike is also a co-founder and shareholder of TechHub, a co-working space/service/community with several locations... → Learn More

GoAdv, the European online media company listed on Alternext market of Nyse-Euronext Paris, has raised more than €11 million more financing after completing a Convertible Bond Issue with several investors in France. The issue will finance the firm’s acquisition strategy following its acquisition of the Excite Europe network of portals last year. GoAdv now retains more than €20 million cash. The firm had Q1 2008 revenues of over €8.8M.

GoAdv started in 2004 after Luca Ascani, President, sold BuyCentral.it to Lycos Europe in 2003. He also sold ADVance, a consulting ad agency to NetBooster Group on April 2007. So he has cash to play with.

So what’s next? Probably a buying spree for sites with decent, qualified traffic in Europe. GoAdv runs Excite Europe and the Better Deals network. It has a staff of about 110 working across offices in Italy, Ireland, France and the Philippines. It’s currently active in active in eight markets; UK, Germany, Netherlands, France, Italy, Spain, Sweden and Poland.

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    [...] In case you don’t remember, GoAdv acquired Excite Europe in October 2007 and went on to raise €11 million by issuing convertible bonds in the Summer of 2008, prompting TechCrunch UK’s Mike Butcher to [...]

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