By: E&P Staff Privately held AdPay, Inc. -- the provider of Click and Buy Classifieds, a system that gives newspapers? classified advertisers the ability to enhance their online classifieds with expanded text, photos, and multimedia, as well as providing advertisers the choice of selling items for a fixed price, a negotiated price, or via an auction -- has completed the sale of its Series A Preferred Stock to Appian Ventures, a Denver, Colorado-based investment firm that led the investment round, and FFP Holdings, a closely held, limited partnership based in Houston, Texas.
Click and Buy Classifieds is a newspaper-branded, Internet-hosted application that integrates with the newspapers web site and classified ad entry and posting systems. Buyers and sellers can also make or receive payments online. In addition, retailers can create online Click and Buy storefronts accessed through the newspapers? web site resulting in a consolidated regional online marketplace for new and used merchandise from private parties and retailers alike. Click and Buy creates new sources of revenue for newspapers, as well as enabling them to counter online competition.
?AdPay is very pleased to have Appian and FFP Holdings as investors,? Mike Heene, president and CEO of AdPay, said in a statement. ?Each organization has already been extremely helpful as we address the challenges of rapid growth. Based on our success in the marketplace we had already accelerated our staffing activities, and with this investment we?re now fully-funded to pursue this exciting market opportunity.?
AdPay?s customers include the St. Petersburg Times, the Denver Newspaper Agency, The San Diego Union-Tribune, The Sacramento Bee, the Houston Chronicle, the Star Tribune in Minneapolis, The Morning Call in Allentown, Penn., and the E. W. Scripps Co.
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