Business Wire
15 November 2021
Investment to Support Continued Execution of Prodege’s Growth Strategy
Management to Maintain Significant Stake in Company
Prodege (“the Company”), a cutting-edge marketing and consumer insights platform, today announced that it has signed a definitive agreement to secure a major investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies. Great Hill’s investment will be used to support the Company’s rapid organic expansion and targeted acquisition strategy. Financial terms of the transaction were not disclosed.
Prodege provides its partners with marketing, data, and analytics solutions that enable leading brands and agencies to gather insights, target their core audiences, acquire new customers, boost engagement, increase revenue, and drive brand loyalty and product adoption. Prodege offers its members cash back and rewards for their everyday online activities such as shopping, sharing their opinions and discovering new products and services. Prodege’s leading consumer properties such as Swagbucks, MyPoints, and Upromise deliver content and rewards to more than 120 million members worldwide. Since launching in 2008, the Company’s reward programs have provided more than $1.8 billion in rewards.
“We’re thrilled to partner with the Great Hill team. They bring exceptional expertise in the digital commerce space, helping companies like ours innovate, scale thoughtfully both organically and inorganically, and create lasting value,” said Chuck Davis, Prodege CEO & Chairman, who will continue to lead the Company along with the current senior management team, all of whom will remain significant investors in the business. “There are pivotal opportunities ahead to expand our leadership as a critical partner to leading brands and agencies. We look forward to working with Great Hill to continue delivering the best marketing and consumer insights for our clients.”
“Companies are increasingly demanding data-driven business solutions designed to better understand and target their existing and potential customers,” said Michael Kumin, Managing Director at Great Hill. “Prodege has built a platform uniquely positioned to address this need. We’re excited to work with Chuck and Founder & President Josef Gorowitz, and their talented management team to support the Company’s further growth and value creation.”
In addition to Prodege, Great Hill has actively invested across the digital commerce landscape for nearly 20 years, backing innovative leading brands, including Wayfair, The RealReal, Bombas, Credibility Corp, CustomInk, TodayTix, Momondo Group, and more.
Evercore served as financial advisor and Cooley LLP served as legal counsel to Prodege. Sidley Austin LLP served as legal counsel to Great Hill Partners.
You can read the official release here.
Jess Batty
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