SEMDirector, a search marketing automation software producer, has changed its name to Covario, after announcing plans to expand its product footprint as well as its marketing, sales and distribution models.
The expansion follows a $16 million Series B investment in the company led by FTVentures, a venture capital firm with offices in San Francisco and New York. Other existing investors include firms Dubilier & Company and Voyager Capital.
The company’s current system is targeted toward helping large advertisers track their spending in both paid and organic search, said Craig Macdonald, VP of marketing for Covario. Now, with this new funding, the company is expanding so it will be able to track other forms of interactive media such as display advertising and advertising in mobile, video, and social media outlets, he said.
Although traditionally focused on the US market, the company will also be expanding its distribution channels internationally, Macdonald added.
The product expansion was largely driven by requests from the company’s customers. Many clients were looking to expand into other media channels, explained Debbie Rosenzweig, director of marketing at Covario.
“It’s the right time for both them and us,” she said.
The company’s clients include Intel, Procter & Gamble, and Hewlett-Packard.
With the expansion, Search Engine Marketing Director no longer seemed an appropriate name for the company, Macdonald explained. Covario is a derivative of the word covariance, a statistical term used to describe how well different variables relate to one another, he said. With Covario’s clients essentially comparing the effectiveness of their different media channels, “the name seemed like a good fit,” he said.