Banexi sells Tedemis to Criteo

Tedemis was sold to Criteo for a €17m up-front cash payment. A further €4m has been deferred based on pre-agreed milestones.

Banexi first invested in Tedemis in December 2005, providing $2m to the company in exchange for a minority stake. The GP then supplied a further capital injection to the business in February 2008.

Criteo listed on the Nasdaq in October last year, raising $250m in its IPO. The company is backed by Index Ventures, Bessemer Venture Partners, Elaia Partners and Idinvest Partners, as well as Softbank Corporation, Adams Street Partners, SAP Ventures and Yahoo Japan.

Company
Founded in 2006 and headquartered in Paris, Tedemis provides behavioural email marketing services, designed to aid online traders in generating online traffic.

The company's email retargeting solution allows online merchants to send promotional emails to web visitors, in the hope of making the visitors return to the site and purchase products.

People
Antoine Devos is the CEO and a co-founder of Tedemis alongside COO Alexandre de Chavagnac. Eric Eichmann is the COO of Criteo. Banexi partner Philippe Herbert managed the firm's investment in Tedemis and served on the company's board of directors.

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