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Engage's funding cut off by CMGI

Published on .

Andover, Mass.--Engage Inc. announced that its majority owner, CMGI Inc., has not renewed or extended its $50 million conditional financing agreement. CMGI's decision comes at a crossroads for Engage, which has gone about a stringent cost-cutting initiative over the past several months-including firing more than half its staff-to scant avail. Engage has $31 million in cash remaining. "The ongoing softness in the online advertising market continues to adversely affect our media business. However, we are encouraged by our software pipeline," said Tony Nuzzo, Engage's president-CEO. The company released a new marketing software line in January.
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