Dallas-based Orix Private Equity announced Wednesday it has invested an undisclosed amount in Baltimore-based R2integrated, which the digital marketing and technology company hopes to use to expand rapidly in the next few years.
Founded in 2005, R2i currently has about $20 million in annual revenue. R2i will use the Orix money to build the business to $100 million in annual revenue over the next three to five years, CEO Matt Goddard said
R2i plans to reach that goal through the natural growth of its business as well as acquisitions, Goddard said. The company is eyeing potential targets in Boston, New York and San Francisco, he said.
The firm's clients include Microsoft, Under Armour, Black and Decker, and Hershey's.
"We researched many companies in the digital marketing space," said Chris Smith, a Senior Managing Director of Orix USA, the private equity firm's parent, in a statement. "R2i stood out for its accomplished management team, industry thought leadership and market presence as a pre-eminent independent digital agency."
Though the terms of the deal weren't disclosed, Orix Private Equity invests in companies wanting $5 million to $25 million in capital. Orix USA is a division of Orix Corp., a publicly traded financial services company based in Tokyo.
"Orix is one of the largest private equity companies in the country," Goddard said. "We're really excited to bring this type of partner into the Baltimore market to help a Baltimore digital and technology agency build its business nationally."Copyright © 2015, The Baltimore Sun