NEW YORK – interCLICK, Inc. (the “Company”) (OTCBB: ICLK), a leading behavioral targeting company, announced that it has closed its private placement and raised gross proceeds of $2.5 million. Under the private placement, the Company sold 2,500,000 shares of its common stock and five-year warrants to purchase 625,000 shares of common stock at an exercise price of $1.40 per share to existing shareholders including Barry Honig, the co-chairman of the board. interCLICK expects to use the proceeds from the sale for working capital and general corporate purposes. Additionally, and distinct from this transaction, RBC Capital Markets is engaged as financial advisor to the Company.
“We are gratified that existing shareholders have recognized the rapid growth we have generated over the past two years and the prospects for even stronger results in the future,” said Michael Mathews, interCLICK’s Chief Executive Officer. “We expect these new funds will allow us to support our working capital requirements as we grow, as well as allow us to increase our investments in our sales, marketing and technology in order to accelerate our growth even faster.”
Recently, the Company increased its 2009 revenue forecast for the second time this year. The Company now expects revenue to be over $40 million, which would represent an increase of at least 80% compared to 2008 revenue of $22.4 million. Previously, the Company expected 2009 full-year revenue to exceed $36 million, which would represent 60% year-over-year revenue growth. interCLICK increased its forecast due to strong demand from advertisers shifting budget towards ROI centric solutions. Gross margin is expected to be at or above the first quarter 2009 level of 47%.
About interCLICK
interCLICK, Inc. operates the interCLICK Network, an online advertising platform that combines advanced behavioral targeting with complete data and inventory transparency, allowing advertisers to identify and track their desired audience on an unprecedented level. interCLICK offers advanced proprietary demographic, behavioral, contextual, geographic and retargeting technologies across a network of name brand publishers to ensure the right message is delivered to a precise audience in a brand friendly environment. For more information about the interCLICK Network, visit http://www.interclick.com.
