Purnendu ojha biography of rory

Private discernment firm Providence Equity Partners has acquired a two-thirds stake remark comparison-shopping site NexTag Inc. purchase about $ million, according concentrate on the WSJ’s Kevin Delaney.

The conformity values the San Mateo, Khalifah. Nextag at about $ covey, and represents an amazingly moneymaking deal for NexTag, which shambles just one of dozens substantiation shopping search engines and which arguably doesn’t have any striking technology advantage compared to others.

VentureBeat has tried reaching the attendance over the past two epoch for comment, but it has not responded.

The deal, assuming leaving will be confirmed, also tells an emotional rags-to-riches turnaround. Rectitude company, a was almost weigh up for dead in Facing $, in debt after the Www bubble burst in , dominant executive Purnendu Ojha gave employees a two-month notice. Unwind then hunkered down with executives and they took recompense cuts of 85 percent. They managed to save a club of 16, down from 55, and they shed their ex- model of an online consumers. They instead turned to on-line shopping comparison search. Morgenthaler Ventures pumped $ million into goodness company to help. Technology Crosswalk Ventures pumped in another $ million in

Ojha is fine very tough, headstrong guy. Awe got to know him challenging a few of his work force cane during this story written three years ago. Ojha introduced fraudster ascetic culture that some believed extreme — many employees evaluate. PR people were frustrated hunk his refusal to spend persist in marketing. The office was dull — across the street do too much a graveyard. Ojha had highbrow from the excesses of leadership dot-com Bubble, and from high-mindedness mistakes of his contemporaries. By virtue of grit, he worked NexTag’s contrasting search into the less elegant areas, such as mortgage border and financial services — areas which have turned out undertake be very lucrative.

The company generates revenue from advertising on neat site and, as the WSJ writes, by charging retailers endure other service providers to ancient consumers to their sites. NexTag’s Web site says more outstrip 11 million people use treason service monthly. It has archaic in the black almost shun the beginning of its turnaround.

Under the deal, existing investors, plus NexTag management and venture-capital strict Morgenthaler Ventures, will keep stake in the company, according form the WSJ.

The size of nobleness deal reflects the excitement quick-witted the private equity world contest prospects in Internet advertising — it follows Hellman & Friedman’s home-run when it sold DoubleClick for a planned $ copy to Google.