Needham-based Extreme Reach, a maker of software for transmitting video advertising, said Thursday it's raised a $50 million growth equity round from Spectrum Equity, targeted for making acquisitions.
Extreme Reach has been eyeing a round of that size for more than a year, and CEO and co-founder John Roland had said in March that the company still planned to raise new capital in order to make at least two acquisitions.
Spectrum Equity has acquired a minority stake in Extreme Reach through the investment, which brings the company to $62 million in funding raised since its founding in 2008. Other backers include Village Ventures and Long River Ventures.
The round follows Extreme Reach's reported growth in 2012 to $41 million in revenue, up from $20 million the year before.
The company's software — which transmits video ads to TV, online and mobile destinations — is used by brands including Coca-Cola, Ford and Sears. The company has reported having 3,000 customers in all.
Extreme Reach said Thursday it now employs 225 people across 10 North American offices.
The company was founded by former executives of FastChannel, which was acquired by DG Systems in 2006 for $40 million.
The ultimate goal at Extreme Reach is to fuse the worlds of TV advertising and online video advertising, by offering a cloud-based platform which enables video transmission to all destinations at once, Roland said previously.
"Our vision is to power all the worlds of digital video advertising," he said in March. "No matter what platform, we serve that commercial and get all of the measurement information back for advertisers. That's something no other company is doing."
Read more: Extreme Reach doubles annual revenue to $41M, sees rapid hiring ahead