Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
The company also hired a former Shutterfly executive as Marin prepares to expand overseas.
Marin Software, which sells online advertising services and technology, says it has raised $16 million in the company’s fifth funding round. Marin also says it has hired John Kaelle as chief financial officer. He was vice president of finance and investor relations at Shutterfly Inc., a photo printing and custom merchandise retailer that is No. 67 in the Internet Retailer Top 500 Guide.
Marin’s most recent funding round was led by Crosslink Capital, with Benchmark Capital, DAG Ventures, Focus Ventures and Triangle Peak Partners also taking part. Crosslink partner Eric Chin will join Marin’s board of directors.
“With $2 billion of global search spend under management, Marin Software is a leading innovator in the online advertising industry,” Chin says. “We believe the company's strong customer momentum, track record of product innovation and global reach position Marin for continued success, and we look forward to working with the Marin team."
Marin plans to use the funding to boost its global customer base; the company says it has 800 clients in retail, travel and other sectors. Marin Software has recently expanded into Asia and plans this year to expand into France, Australia and Brazil.
The company recently has expanded its offerings beyond paid search campaigns to applications for Facebook ads and retargeted online ads, which typically promote products viewed but not bought by consumers from e-commerce sites.