Based on the description and details placed upon the Private Equity and Venture Capital online platform, PitchBook we thought that this entry ‘Digital Signage Company Seeking Growth Capital‘ was surely non other than ADFLOW Networks but not so says Mike Abbott, President, ADFLOW Networks Inc., in an email exchange with us over the weekend.
The ‘company’ seeking USD 2 million in growth capital plus USD 5 million to acquire a joint venture business is described up on PitchBook as a company that has exclusive recurring revenue, multi-year agreements based on delivery of in-store advertising, coupons, and other content for a number of (other) industry segments.
It was those ‘industry segments’ that led us to believe this was ADFLOW, the industry segments are: –
- Leading restaurant association for 5,000+ locations in North America
- National drug store chain comprising 4700+ digital kiosks in North American locations
- Regional and national brands within the QSR segment comprising 5000+ North American locations
Based on the store numbers that national drug store chain is surely Rite Aid? (who we believe, have 4,700 stores and it just so happens that ADFLOW provides blood pressure kiosks to them).
More detail on PitchBook reveals that the Digital Signage Company started in 2003 and is in the ‘digital signage and media products industry for corporate and franchise businesses‘ (the company engages with select national franchisors to establish and operate scalable in-store digital networks to drive recurring advertising revenues and profits).
Furthermore, the PitchBook entry claims that the Digital Signage company in question has signed a deal with a ‘major provider of wireless and PCs in North America’ (we think they mean ‘Canada’ but there you go).
USD 5 million of funds is required to acquire a joint venture company – a company founded in 2002, located in the Southwest United States, that provides a variety of IT services to a blue-chip client base, including Managed and data center services, Software development and integration, Network and infrastructure consulting and Call center services)
If our readers recognise who either of these companies are then of course we’d love to know!