January 15, 2019 | Announcements
GCA Advises Piano on Its Series B Preferred Stock Financing Led by Updata Partners
We are pleased to announce we advised Piano, a leading content monetization and audience technology company, on a $22 million Series B Preferred Stock financing. The round was led by Updata Partners, an active investor in technology companies.
The award-winning Piano platform is comprised of an integrated suite of intelligent business tools, including a subscription commerce engine, a customer experience toolkit and a user management system, that work in concert to create a seamless customer experience and to develop sustainable business models. In the past year Piano has doubled its customer base, adding more than 50 enterprise customers including powerhouses like Hearst, Source Media and The Daily Beast. In three years the company has grown to power over a thousand premium media brands including Business Insider, The Economist, Bloomberg, Men’s Health, Ad Age, Digiday and The Chive.
“This funding will allow us to continue to serve our growing client base by enhancing our products and services, helping content businesses build dedicated audiences and grow their profitability,” said Piano CEO Trevor Kaufman. “Our platform gives content companies a 360-degree view of their audience and uses that data to drive the optimal messages, experiences and offers. Our goal is to help every website grow their loyal user base and to turn those users into retained, paying customers.”
The new funds will be used to accelerate the growth of Piano’s functions, particularly in R&D and client services, as the company consolidates its leadership position in media and responds to market demand in new verticals. Piano is also considering several acquisitions.
GCA acted as exclusive financial advisor to Piano in connection with this transaction.
GCA is a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 400 professionals in 19 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. Learn more at www.gcaglobal.com.