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UPDATE: ExactTarget to add 300 jobs

October 1, 2008
ExactTarget Inc., an Indianapolis firm that helps companies e-mail messages to customers, will expand its downtown operations by creating 300 jobs within the next five years, executives announced this morning.

The company will invest $25 million to locate the workers in the historic Gibson Building at Michigan Street and Capitol Avenue, near its corporate headquarters on Monument Circle.

ExactTarget blasts more than 1 billion permission-based e-mails a month for thousands of clients across the country, including CareerBuilder.com, Expedia.com and The Home Depot. It plans to hire technology specialists, software developers, administrators, sales and marketing professionals and customer-service support by the end of 2013.

Scott Dorsey, Chris Baggott and Peter McCormick founded the company in 2000. Baggott remains a board member and shareholder but left last year to launch Compendium Blogware.

The company filed an $86 million initial public offering in December. Despite horrid market conditions, it hasn't given up on the plan. ExactTarget filed an updated version of its prospectus with the U.S. Securities and Exchange Commission on Sept. 25.

Through the first six months of the year, documents show ExactTarget posted revenue of $32.8 million, compared with $22 million in the same period last year. Profit was $1.7 million, down from $2 million a year earlier. As of June 30, the company had 340 employees.

The Indiana Economic Development Corp. offered the company up to $3.65 million in performance-based tax credits and up to $200,000 in training grants.

ExactTarget previously announced plans in March 2007 to add 90 employees and has exceeded the goal.

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