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Utah-based Matchbin has made a major acquisition, received a new round of financing and rebranded as Radiate Media, which will provide Web management and advertising services to merchants and media outlets.
As part of the transition, Radiate bought NAVTEQ Media Solution's Radio and Television Group with a $12 million line of credit with Silicon Valley Bank in California. Matchbin also said it has closed its first equity financing, a $10 million round led by New York-based Level Equity, with participation by Greycroft Partners of New York and Los Angeles and vSpring Capital of Salt Lake City.
Chris Rothey, who founded and took Traffic.com public before it was acquired by NAVTEQ of Chicago in 2007, has been named the new CEO of Radiate Media.
Radiate Media will continue to provide traffic information and other content to radio and television stations through an agreement with NAVTEQ. It also offers its Web-based content management for newspapers and broadcast stations, as well as a directories and local Web search services for merchants.
Its software allows media partners to provide Web-based and mobile marketing to local businesses.
Hal Widlansky, the former CEO of Matchbin, is Radiate Media's new president and chief operating officer, the company said.