Digitas is one of the leading direct and interactive marketing agencies in the United States. In January 1999, HFCP III invested $100 million in Digitas to provide liquidity to the founding shareholders and to facilitate an increase in the ownership stake of the existing senior management team. H&F was knowledgeable about this industry based in part on its experience with Young & Rubicam, and was attracted to the company because of its strong senior management team and its leading position in a rapidly growing market place.

Digitas provides relationship-marketing services, including customer segmentation, database marketing, management of customer contact interactions, and interactive marketing to such companies as American Express, AT&T, Federal Express, General Motors, Dell Computer and Charles Schwab. Digitas' integrated approach to providing these marketing services has created strong client relationships and provided Digitas with a superior competitive position. In March 2000, Digitas completed a successful initial public offering on NASDAQ (symbol: DTAS). At the time of the IPO, HFCP III sold a portion of its investment and distributed its remaining interest in Digitas in 2004.