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Radical Communication has put its business on hold to seek merger or acquisition opportunities. The company is running out of its first round of $15 million in financing.
Video e-mail marketer Radical Communication, which launched in March 1999, has suspended operations to mull merger and acquisition opportunities, Internet Retailer has learned. A number of employees were laid off yesterday, although a few key employees will remain, a spokesman says. Radical Communication had procured $15 million in first round funding led by Lehman Brothers Venture Capital.
The company’s problem was that it ran out of money before its product was widely accepted in the marketing world, the spokesman says. The privately-held firm has had trouble finding additional financing for a second round. Its main product, Radical Mail, allows direct marketers and retailers to send video e-mail messages to customers. Clients included Express.com, Lee Jeans and Old Navy. The company says ongoing campaigns will continue to run, while any upcoming ones are put on hold.