PROVIDENCE – Media software developer Creative Circle Advertising Solutions Inc. said this month it has closed another round of financing from current investors. The amount was not disclosed.
“In this difficult environment, it’s a great sign that we were able to raise the full amount we sought in this round,” Bill Ostendorf, founder and CEO of the company, which developed and manages PBN.com, said in a statement. “This is a strong, positive endorsement on the part of our investors.”
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Bill Daugherty, one of the investors and a Creative Circle board member, also has been named chairman of the board and will take a more active role in managing the company, according to a news release. The five-year-old company plans to begin marketing its products to non-media companies.
Ostendorf said Creative Circle expects more companies to seek its services next year as the economy recovers and media firms make investments they put off because of the downturn.
“Outsourcing is also going to continue and accelerate as companies reduce staff and look for efficiencies,” he said. “A media company can now outsource all or most of its Web operation to us and reduce expenses considerably.”
Creative Circle says it has raised $2.25 million in private investments since its founding.
Additional information is available at adqic.com.
