Lyris Raises $6m to Fuel Expansion

US-headquartered online marketing firm Lyris has raised $6m through the sale of its common stock to two existing shareholders. The firm intends to use the proceeds to reduce debt and fund its expansion plans.

Formerly JL Halsey, Lyris offers a flagship product Lyris HQ, which combines e-mail marketing with search, enhanced by web analytics, to help marketers track the behavior of those who respond to e-mail campaigns.

'We have experienced continued market adoption of Lyris HQ, and the proceeds from this transaction will enable us to accelerate our market development efforts,' explains CEO Luis Rivera. 'This will include an expansion of our sales force and marketing programs both in the US and in international markets.'

Rivera also said that as a result of this deal the firm expects to renegotiate the terms of its current credit agreement with Comerica Bank. 'By revising the financial covenants that require certain levels of cash flow, we will now gain the flexibility to pursue what we believe are substantial near-term growth opportunities for the company,' he added.

Web site: www.lyris.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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