Adrian J Cotterill, Editor-in-Chief
OOH agency wannabee Project X Media, Inc., created by ADstruc back in June 2014, has added private equity firm Tritium Partners to its list of investors.
The press release stated that the investment will support the company’s strategy of building and expanding its team and technology solutions as well as exploring strategic acquisitions to continue to meet the growing needs of OOH marketers.
John Laramie, co-founder and CEO of Project X said “We chose Tritium because of their experience and track record of helping to grow and scale companies like ours. We looked for a capital partner who understood our unique positioning in the Out-of-Home market and had the strategic skillset to help us navigate investments in our team and technology as well as strategic acquisitions. Together, we see a tremendous opportunity to continue to scale Project X and provide best-in-class Out-of-Home solutions for marketers. We are thrilled to be partnering with the Tritium team and look forward to our future together.”
Earlier this year Project X took a strategic pivot to focus on its agency business and to stop licensing software to outside firms with the exception of Interpublic Group, an early investor, and Interpublic‘s OOH firm Rapport.
James Maxfield, Principal of Tritium Partners was quoted as saying “It is clear to us that the Project X team has built a highly-differentiated technology platform that uniquely positions them to address the diverse and growing needs of marketers in the Out-of-Home advertising market. We are excited to partner and invest in their growth as we too see tremendous opportunity to expand the reach of their distinctive solutions in the market.”
David Lack, Co-Founder and Managing Partner of Tritium said “Out-of-Home advertising is one of the few growing media categories, but its fragmented nature makes planning and buying notoriously difficult for marketers. Project X’s technology-enabled platform seamlessly tackles that complexity, positioning the company at the forefront of the industry. We are excited to bring our strategic, operational and M&A experience to the company and help the Project X team build on the exciting momentum they currently have in the market.”
Earlier this year Project X took a strategic pivot to focus on its agency business and to stop licensing software to outside firms with the exception of Interpublic Group, an early investor, and Interpublic‘s OOH firm Rapport.
Financial terms of the transaction were not disclosed.
Founded in 2013, Tritium is a private equity firm focused on companies with exceptional growth potential. For over 17 years, both at Tritium and prior vehicles, Tritium’s founders have deployed over $850 million of equity capital while partnering with talented founders and executives to build market-leading companies. Tritium’s approach emphasizes creating long-term value through strategic growth initiatives and acquisitions, with a focus on internet and information services, supply chain and logistics, and financial and business services.
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