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DoubleClick Links to Performics

May 17

DoubleClick announced this week that it had acquired Chicago-based search engine and affiliate marketing vendor Performics for $58 million in cash plus a potential $7 million performance-based contingency payment.

The deal combines two complementary players in the increasingly active paid search advertising space that share multiple clients (including AOL, Time Warner, and Motorola).

Perfomics provides the back-end technology for inserting paid placements and comparison shopping lists across multiple search providers, in addition to bid management technology that tracks and measures performance.

DoubleClick has long been a leader in the online promotions space with its multi-channel online marketing technologies. The company plans on integrating Perfromics’ products into its existing lineup as "Dart Search".

In a recent Crain’s Chicago article, Performics’ CEO Jamie Crouthamel claimed the company was on pace to increase revenues by 50% for 2004 over 2003 levels, after recording 60% year-over-year revenue growth last year. While he didn’t offer up specifics, the firm’s 2002 revenues were around $10 million, bringing 2004 revenues to about $24 million.

Chicago-based VC’s KB Partners, Portage Ventures and Tribune Ventures were Performics investors.

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