Bitly sells a majority stake to Spectrum Equity for $63M

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Bitly is announcing that it has raised $63 million in additional funding from Spectrum Equity — a deal that gives the growth equity firm a majority stake in Bitly.

Founded in 2008, the company was initially known for providing a handy link shortening tool for anyone with a Twitter account, but it’s now focused on using link shortening as a way to provide more control and data to businesses.

Bitly’s products now include branded short links, analytics on the identity and activity of whoever’s interacting with those links and device-aware mobile deep links that are designed to drive app installs and re-engagement. Customers include what Bitly says is “close to three quarters of the Fortune 500.”

According to CrunchBase, Bitly’s last venture funding round was back in 2012 . As part of the new deal, Spectrum’s Pete Jensen and Parag Khandelwal are joining Bitly CEO Mark Josephson (who took over in 2014 ) on the board of directors.

“Bitly is one of the strongest brands on the internet and has achieved a level of ubiquity rarely seen,” Jensen said in the announcement . “Mark and the leadership team at Bitly have done a great job turning the company from ‘free only’ to a fast growing and profitable freemium SaaS company. We’re excited to provide the capital, support and experience to help scale the business to the next level.”

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