SOURCE: Widemile Inc.

September 28, 2007 06:00 ET

Widemile Closes $4 Million Round to Fuel Growth

Online Marketing and Multivariate Optimization Company Closes Debt Financing; Robert Bergquist Named CEO

SEATTLE, WA--(Marketwire - September 28, 2007) - Widemile Inc., an emerging leader in multivariate testing and digital content optimization for online marketers, today announced the close of a $4 million convertible debt financing from existing investors, company management and industry insiders. Widemile helps online marketers and search advertisers maximize ad campaign performance and spending efficiency by testing and optimizing their landing pages and other web content for higher conversion rates. The funding supports additional hiring, advanced technology development and expanded sales and marketing. In conjunction with this announcement, Robert Bergquist, who has served as president of the company since 2005, was named CEO.

"The paid search industry has now topped $8 billion annually and is predicted to approach $15 billion by 2012," said Peter Westley, a Widemile investor and Managing Director at North Point Advisors. Mr. Westley was previously a Managing Director at Salomon Smith Barney where he worked in the Media and Technology Groups and ran the Online Media franchise. "While all advertisers and website operators want to maximize ROI and enhance the consumer experience, they tend to limit their focus to refining keyword buys and search rankings. Improving conversion performance is the next critical area of focus for improved ROI. This is where Widemile excels."

"The rising cost of search marketing makes landing page optimization and web content testing an essential part of any effective search campaign," said Robert Bergquist, Widemile CEO and President. "This vote of confidence from our investors extends our ability to reach and serve more companies in need of maximizing the effectiveness of their online advertising. In my expanded role, I will focus on growing Widemile's operations and pushing the advanced development of our technology to satisfy the market's increasing need for improved returns on ad spending."

Widemile helps online marketers maximize search campaign performance and ad spending efficiency. The Widemile platform uses advanced multivariate testing and other analytic techniques to scientifically determine the best-performing set of advertising content -- whether on a landing page, microsite or other web page. By utilizing the Widemile platform, marketers are able to simultaneously test a variety of offers, text, images, and other key variables, quickly and efficiently.

About Widemile

Widemile Inc. is a leading provider of web content testing and optimization technologies and services for online marketers. Founded by marketing technology pioneers Donald Pickering and Dean Kimball, Widemile employs a proprietary multivariate testing and optimization platform with related services, including original creative development and campaign management, to accelerate the path to optimal results. Widemile solutions are built for marketers, leveraging deep understanding of both the technical and the marketing aspects of customer conversion behavior, to increase the effectiveness and value of online marketing investments. Widemile customers include: Microsoft, SmartSheet.com, The Weather Channel Interactive, OneWebHosting, Charter Communications and MIVA, among others. Widemile is privately held and headquartered in Seattle, WA and can be found at www.widemile.com or by calling: 206-985-7171.

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