RESTON, Va. August 4, 2003 - comScore Networks, the global leader in the use of the Internet to measure and understand consumer behavior, today announced the signing of a long-term client contract for the use of comScore services that provides for payment by the client of more than $18 million over five years. In addition, the company reports that it is has attained its first quarter of corporate profitability.
"This contract, which we believe to be the largest to date in our industry, is a powerful confirmation of the value of the consumer insight that comScore provides to its clients," said Magid Abraham, Ph.D., president and chief executive officer of comScore Networks. "Attaining profitability in less than four years since the founding of the company reflects the success of both our Media Metrix and Marketing Solutions groups, and offers further validation of the strength of comScore`s business model. We are grateful to the clients, employees, investors and industry supporters who have helped us achieve this major milestone."
comScore delivers unparalleled insight into consumer attitudes and behavior, including both online and offline buying activity. This capability is based on proprietary and patent-pending technology that continuously and confidentially measures a Global Network of more than 1.5 million representative Internet users. comScore analysts and consultants use this database to provide unique insight into consumer behavior, helping clients design more powerful business strategies and tactics that deliver superior ROI.
comScore also announced the closing of $12 million in a Series E round of funding. Participating investors include Accel Partners, Adams Street Partners, JP Morgan Partners, Flatiron Partners, Institutional Venture Partners, Topspin Partners and vSpring Capital. With this round of financing, comScore`s total capitalization to date is approximately $88 million.
"We are as committed as ever to the highest standards of excellence in helping clients deepen their customer knowledge with services including audience measurement, competitive and market intelligence, consumer surveys and multi-channel segmentation," continued Dr. Abraham. "With a strong financial position, rapid growth and a proven business model, we are poised to aggressively pursue global expansion opportunities, to further strengthen our industry leadership."
About comScore Networks
comScore Networks provides unparalleled insight into consumer behavior. This capability is based on a representative cross-section of more than 1.5 million global Internet users who have given comScore explicit permission to confidentially capture their Web-wide browsing, buying and other transaction behavior, including offline purchasing. Through its patent-pending technology, comScore measures what matters across the entire spectrum of surfing and buying behavior. This deep knowledge of customers and competitors helps clients design more powerful marketing strategies and tactics that deliver superior ROI. comScore services are used by global leaders such as Microsoft, Kraft, The New York Times Company, Best Buy, Verizon, Nestlé, Wells Fargo & Company, GlaxoSmithKline, and Orbitz. For more information, please visit www.comscore.com