Company To Scale Automotive Solutions to Meet Rapidly Increasing Demand
NEW YORK – HookLogic today announced a $9.5 million round of financing from Bain Capital Ventures. It is the first institutional investment in HookLogic after six years of profitable growth. The funding will be used to further develop its unique Software-as-a-Service (Saas) platform that has underpinned the company’s record growth in the first half of 2011, including its market-leading automotive business, and aggressively expand its business across the automotive sectors in North America and Europe.
HookLogic’s targeted incentive programs and partnership with lead-scoring solution provider RL Polk have helped clients achieve an average 20 percent increase in close rates by converting more consumer leads into showroom visitors. Clients include MileOne Automotive, Germain Motor Company, Suburban Collection, Herb Chambers Auto Group, and AutoTrader. Its timing concurs with a hugely successful first half of 2011 in which it signed a channel partnership agreement with AutoUSA Internet Sales Solutions, the premier independent Internet lead provider, to power its ShowPro suite of products.
"We have made very selective and profitable investments in the automotive software space,” says Deepak Sindwani, Principal at Bain Capital Ventures. “HookLogic has a proven business model, loyal clients, and provides an amazing return on investment to automotive marketers. We’re thrilled to be a partner in scaling the business.”
Bain Capital Ventures was the primary investor in vAuto, an inventory optimization software company that was recently acquired by AutoTrader.
"We see this as a validation of our business model from one of the smartest, most demanding investors in the world," says Jonathan Opdyke, CEO of HookLogic. "Today, automotive dealers and marketers generatean amazing number of leads, but there is a clear gap when it comes to converting those leads into showroom visits. We’re successfully bridging that gap and helping our clients win more business and grow market share.”
Opdyke pointed out the financing announcement builds on the company’s recent hire of David Metter as president of HookLogic’s automotive division. Metter is one of the foremost experts in automotive digital marketing and has been a driving force in the adoption of many new technologies, including HookLogic.
About HookLogic’s Incentive Solutions for the Auto Industry
HookLogic powers targeted incentive programs that drive in-market shoppers to auto dealerships and other lead-driven businesses. HookLogic solutions are easily implemented, work with nearly any marketing medium and enable end-to-end reporting and optimization. Headquartered in New York City, the company has offices in Ann Arbor, MI, Atlanta, GA and Manchester, UK. Clients include MileOne Automotive, Germain Motor Cars, Suburban Collection, Acton Toyota, and AutoTrader.com. Learn more at www.hooklogic.com/auto1
About Bain Capital Ventures
Bain Capital Ventures is the venture arm within Bain Capital, which has approximately $66 billion ofassets under management worldwide. The firm’s history of investing in venture-stage companies dates back to 1984 with over 125 venture investments since inception including DoubleClick, Gartner Group, LinkedIn, m-Qube, ProfitLogic, Shopping.com, Staples, Taleo and vAuto. Bain Capital Ventures manages $1.5 Billion of assets, has over 70 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm has helped steer many ideas to success by working in partnership with management teams, pairing talented and passionate entrepreneurs with industry experts, opening doors to customers, and collaborating on sound long-term strategies. www.baincapitalventures.com