VFM Announces Financing to Support Ongoing Expansion
Lake Capital Leads Investment in VFM Interactive Inc.
CHICAGO, IL, April 23, 2008. VFM Interactive Inc., the leading online video and rich media producer and distributor for the hotel and travel industry, today announced the completion of a $13.5 million financing to support its ongoing expansion. Lake Capital, a private equity firm that invests exclusively in service-based companies, led the investment which also included investments from existing shareholders JLA Ventures and Centiva Capital. VFM plans to use the financing and the strategic resources that Lake Capital brings to expand into complementary travel-related verticals and accelerate its growth in North America and overseas.
In addition to offering a market-leading suite of online media production and distribution solutions for the hotel and travel industry, VFM has made significant progress in advancing its business plan over the past year by signing key strategic media management and distribution deals with Sabre Travel Networks and its sister company, Travelocity, and Galileo by Travelport, two of the world's largest travel companies. As a result of these deals, VFM's online video and rich media distribution platform, Vscape(R), is now utilized by over 35,000 hotels worldwide. Vscape allows hotels to distribute their images, informational videos and marketing rich content to highly targeted travel consumers across thousands of travel related sites and distribution channels.
"We are delighted to have Lake Capital as a long-term strategic partner," said Paolo Boni, president and chief executive officer of VFM Interactive. "This investment and the additional expertise and resources Lake Capital can provide will enable us to rapidly grow our business by accelerating our product development, broadening the suite of value-added services we offer and expanding both in the United States and abroad."
Tony Broglio, Principal of Lake Capital said, "We are very excited about the opportunity to work with the VFM management team and continue to expand the company's capabilities by building on VFM's recent successes and industry leadership. The company's ability to deliver superior solutions is evidenced by its long-standing and growing relationships with its clients and partners. We believe VFM is uniquely positioned to deliver market-leading, world-class, video and rich media marketing services to the travel industry."
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