Creative Circle Advertising Solutions, Inc., has raised another round of financing from existing investors. As part of this investment, Bill Daugherty, a successful web entrepreneur and previous investor and board member, has been named chairman of the board and will play a more active role in the company.
“In this difficult environment, it’s a great sign that we were able to raise the full amount we sought in this round,” said Bill Ostendorf, founder and CEO?of the company. “This is a strong, positive endorsement on the part of our investors.”
Ostendorf said he was also pleased to have Daugherty play a larger role in the company. “Bill has had great success in the online world, leading his company through difficult times to a successful exit for his team and investors. His contacts and knowledge will be invaluable to the growth of Creative Circle.”
“I’m a strong believer in local content,” said Daugherty. “In every community, someone will win the battle for local content on the web and Creative Circle’s products are well positioned to power those sites.”
Creative Circle, well known in media circles for its innovative web site designs, has created a suite of unique web software for media companies, enabling newspapers, magazines and broadcasters to make their sites more flexible and interactive and providing specialized revenue tools for classified ads and directories. Creative Circle has also created specialized solutions for calendars, charitable contributions, press releases, tourism, sports and schools.
“Our core industries have been hit even harder than most in this economic downturn,” said Ostendorf. “Newspapers and broadcasters have seen revenues drop at double-digit levels for much of the past 18 months. But we’re optimistic that we will see rapid growth as the economy recovers.
“Media companies need to improve their web sites and our software has a lot of what newspapers, magazines and broadcasters need to make more money and provide a better user experience on their web sites,”?said Ostendorf. “Because media companies have not been spending during this downturn, there is considerable pent up demand for the kinds of things we do.
“Outsourcing is also going to continue and accelerate as companies reduce staff and look for efficiencies,” says Ostendorf. “A media company can now outsource all or most of its web operation to us and reduce expenses considerably.”
Ostendorf said this round of financing was necessary to prepare the company for growth. “We needed to be ready for the growth ahead and not wait for sales to drive that growth. We didn’t want to miss out on opportunities,” said Ostendorf. “And our investors understood that.”
In addition to site design, software, technical support and hosting, Creative Circle can provide customer support, user content approval and call center services.
Among the 75 media web sites hosted by Creative Circle is pbn.com.
Ostendorf said the company will also begin marketing their software and services to non-media companies, especially in the Providence and Boston markets. “We already host some association sites for media associations and our software would provide features and value for a wide range of non-media sites as well. It was built to be fast, easy, interactive, flexible and e-commerce ready. It’s ideally suited to a lot of web site applications.
“Businesses could use our platform to make their sites truely interactive and to facilitate social networking,” Ostendorf said. “Schools could use our platform to create web-based yearbooks and newspapers and to perform other functions, like hosting an interactive school calendar. And our directory platform would be ideal for a chamber of commerce or business association. We’re very excited about all the possibilities!”
For more information, contact:
Bill Ostendorf, CEO
Creative Circle Advertising Solutions
401-455-1555
bill@adqic.com
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Creative Circle Advertising Solutions, Inc., a Rhode Island-based corporation, was founded in 2004 and now hosts more than 75 media web sites. Clients have included the Chicago Tribune, NBC, the Catholic Church and Media General. Creative Circle has built a variety of innovative web software platforms specifically for the needs of media companies. It combines its software with industry leading design and consulting services to insure its clients succeed. The company was originally funded by the Slater Technology Fund, a Rhode Island state economic development agency and has now raised $2.25 million in private equity to fuel its growth and development..
