Purch to Go Shopping for M&A Opportunities After Raising $135M
Expect some new titles to be added to Purch’s portfolio in the months ahead.
On Tuesday, the digital publisher announced it raised $135 million in a Series C round, which CEO Greg Mason says will go towards growing the company, including the pursuit of more acquisitions. Canso Investment Counsel led the round. So far Purch, based in has raised about $175 million in total funding.
Purch, previously known as TechMediaNetwork, owns a variety of websites and digital publications such as Tom’s Guide, Laptop, Space.com, and LiveScience. Mason says the titles his company owns largely provide reviews and other information businesses and consumers can use to make purchasing decisions—hence the name Purch. The company has co-headquarters in New York and in Ogden, UT.
After Mason joined the company in 2013, bringing in a new executive team, Purch grew organically and by rolling up other publications. “Since I got started, we’ve acquired four companies,” he says. “We’re going to be using the new capital to pursue new acquisitions.”
Those prior deals included Bestofmedia, which comprised the Tom’s portfolio of titles, and BuyerZone. Early this year, Purch acquired AnandTech and Consumr. The company is already mapping plans to buy more media properties. “We have a lengthy list of potential acquisition candidates that we think fit well with what we’re doing or are in adjacent categories,” Mason says.
No deals are immediately imminent, he says, but acquisitions are on the company’s horizon. “In the next several months, we anticipate making at least one announcement,” he says.
Whatever Purch buys next, expect those titles to be largely digital publications or ready to move into the digital space in a significant way. “We don’t have any designs on pulling a CNET and launching a print magazine,” Mason says.
In addition to its acquisition ambitions, Purch plans to get into the app ecosystem, though Mason says it is too early so share details. The company will also make an announcement about an expansion of its e-commerce activity, he says. “Putting this new capital to work is more than enough to keep us busy,” Mason says.