It is understood accountancy firm BDO was appointed as administrator to Latitude yesterday before its management team and Vitruvian bought the assets out of administration under a management buyout deal for an undisclosed sum.
The company said additional capital would be used "to accelerate the growth of the business", which manages campaigns in 157 countries from offices in London and Warrington.
It will continue to be led by its current management team, who will increase their stake in the business, including chief operating officer Richard Gregory and chief executive Alex Hoye.
Latitude employs more than 90 staff and writing on the Latitude blog, Hoye said he expected this to increase by 15%-20% this year.
Alex Hoye, to Brand Republic, said: "The original company went into administration yesterday as part of the financing process. Everyone is still in place and we will continue to operate a strong company."
In a statement, Ian Riley, from Vitruvian Partners, said while the sector had had a tough 12 months, "Latitude is a market leader and innovator with a talented management team. Vitruvian remains supportive of Latitude's strategy".
In 2007 Vitruvian acquired a £55m stake in the business, which was founded by Dylan Thwaites who left the company in December 2008.
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