Great Hill Partners

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10.27.2004
In-Store Broadcasting Network Receives $16 Million Investment From Great Hill Partners

Salt Lake City, Utah -- October 27, 2004 -- In-Store Broadcasting Network ("IBN"), a provider of in-store music services and broadcast-advertising networks, announces the closing of a $16 million investment from Great Hill Partners, a Boston-based private equity firm.

IBN has established the largest broadcast audio network in the U.S., consisting of over 20,000 retail locations in the top 100 markets and reaching over 110 million shoppers one and a half times per week. Retail partners include leading national supermarket and drugstore chains such as Kroger, Safeway, Albertson's, Stop & Shop, Giant, Meijer, Walgreens, Duane Reade and Rite Aid. Within each store, the company uses its proprietary, Internet-based system to deliver a customized playlist of music, interlaced with appropriate in-store promotional messaging and third-party advertising.

Proceeds from the investment will be used to expand IBN's salesforce and retail distribution network. As part of the investment, Stephen Gormley and Gene Yoon of Great Hill Partners will join the Board of Directors of IBN.

"IBN has developed a media network that provides advertisers a truly unique value proposition. Their network has all the hallmarks of a valuable media property: tremendous reach and frequency, the ability to influence consumer buying behavior at the decision point, and the targetability to deliver the most relevant advertising messages at the right time and place," said Steve Gormley, Founder and Managing Partner of Great Hill Partners. "We look forward to working with IBN as they continue to execute on their long-term strategic plan."

Rob Brazell, CEO of IBN, added: "For advertisers, our in-store network represents a highly effective advertising vehicle with the proven ability to increase sales lift. Our music solution also provides retailers with digital quality music and content that offers unprecedented levels of simplicity, control, and customization. We are very excited about partnering with Great Hill, based on our shared vision of the in-store market opportunity and their impressive track record of investing in the media sector."

About In-Store Broadcasting
In-Store Broadcasting Network (IBN) is a media and in-store marketing science company with the largest radio network in the U.S. which reaches over 110 million consumers one and a half times per week. The company delivers music, content and advertising via the Internet to over 20,000 of the nation's leading supermarket and drugstore chains. IBN also provides specialty retailers with "music only" or "music and other marketing services."

IBN provides advertisers with targeted consumer messaging at the most recent, relevant and important stage of the sales process -- the actual point of purchase in the retail store, where an estimated 70% of the brand purchase decisions are made. In addition, the company provides complementary advertising optimization products and services to increase store sales for its retail partners. For more information, please visit www.ibnads.com.

About Great Hill Partners
Great Hill Partners is a private equity firm that manages over $1 billion in capital and focuses on investing in companies in education, business services, media, information, IT, and communication sectors. Great Hill Partners is currently investing its $460 million fund, Great Hill Equity Partners II, L.P., and targeting investments of $10 million to $50 million. For more information, please visit www.greathillpartners.com.