Bird & Bird advises Openads Limited on its $15.5 million Series B round financing led by Accel Partners

16 January 2008

International law firm Bird & Bird has advised Openads Limited on its Series B round financing announced today. The $15.5 million investment was led by Accel Partners, with participation from existing investors Index Ventures, First Round Capital, Mangrove Capital Partners and O'Reilly AlphaTech Ventures.

Openads has developed a hugely popular ad server designed for web publishers. It allows publishers to manage sophisticated advertising programs and stay in control of all advertising on their websites. The server is used by tens of thousands of web publishers around the world to manage their advertising, providing them with an optimised delivery engine which increases the number and speed of ads delivered, combined with an enhanced targeting and campaign management ability, which enables publishers to gain targeting statistics giving them a holistic view of the relative success of individual campaigns.

Angus Miln, a Senior European Consultant in the London Corporate Group, headed the Bird & Bird team, assisted by corporate associate, David Lowe, and trainee, Mark Rundall.

James Bilefield, CEO of Openads, said “The Bird & Bird team, led by Angus, provided excellent, commercially-focussed advice and were key to getting the deal done to a tight timetable. We look forward to continuing our successful relationship with Bird & Bird.

Since joining Bird & Bird in 2007, Angus has advised a number of new clients - including Index Ventures, Global Finance, InMedia Invest, Aescap Ventures, Tate & Lyle Ventures, E-Synergy, Scottish Enterprise, Openads Limited, Sandpiper Investments Limited and Venture Business Research - on a series of venture capital investments and related transactions.

For more information please contact:

Ben Girdlestone, Head of Marketing Communications,

Tel: +44(0)20 7982 6470