EXHIBIT 10.32

CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT (the "Agreement") is entered into this 17th day of September 2001, by and between ValueClick, Inc., a Delaware corporation
(the "Company"), and Gregory R. Raifman, an individual ("Consultant").

RECITALS

A.    The
Company is in the business of providing (i) performance-based Internet advertising solutions for advertisers and Web site publishers using
cost-per-click, cost per impression, cost-per-action and cost-per-lead pricing models; (ii) third-party ad serving and
outbound email delivery solutions for online advertisers currently marketed under the "MOJO" brand name and (iii) certain software modules used in the production, trafficking, buying, archiving
and financial planning and billing of offline media currently marketed under the "AdWare" brand name (the "Business").

B.    The
Company desires to engage Consultant, as an independent contractor, to perform the services described in this Agreement and Consultant desires to perform such
services for the Company, in accordance with the terms and conditions set forth in this Agreement. This Agreement is not an employment agreement, nor does there exist any intent between the Consultant
and Company to create an employment relationship.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the parties agree as follows:

1.Consulting Services.



2.Term.This Agreement is effective as of the date first set forth above and shall terminate on the first
anniversary hereof unless earlier terminated pursuant to Section 11 below (the "Consulting Period"). Any contrary representations, which may have been made to Consultant, shall be superseded by
this Agreement. This Agreement shall constitute the full and complete agreement between Consultant and the Company on the nature of Consultant's services to be provided to the Company, which may only
be changed in an express written agreement signed by Consultant and a duly authorized officer of the Company.

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3.Fees and Expenses.



4.Non-Disclosure; Proprietary Information.As a condition of this Agreement, Consultant will
execute the Company's standard Proprietary Information Agreement, a copy of which is attached hereto as Exhibit A.

5.Conflict of Interest.It is important that the Consultant avoid conflicts of interest. A typical conflict of
interest is a situation where a Consultant's private interest interferes with his/her loyalty or responsibilities to the Company or raises question about such interference. In the course of performing
any consulting services, if the Consultant is in a situation that may possibly represent a conflict of interest with respect to the Company, the Consultant should immediately divulge such potential
conflict to the Chief Executive Officer or Board of Directors of the Company.

6.Non-Competition.During the Consulting Period, Consultant shall not without the express prior
written consent of the Company, directly or indirectly, engage in any business or activity, whether as an employee, consultant, partner, principal, agent, representative, equity holder or in any other
individual, corporate or representative capacity (without limitation by specific enumeration of the foregoing), or render any services or provide any advice to any business, activity, person or entity
(other than the Company) involving (i) the Business, or (ii) the Company, provided that this restriction shall not prohibit Consultant from owning any publicly traded stock that
constitutes not more than 1% of the outstanding capital stock of the issuer.

7.Non-Solicitation.Consultant agrees that during the Consulting Period and for a one
(1) year period after termination of this Agreement, Consultant will not: (i) directly or cause others to solicit, induce, encourage or attempt to solicit or induce any Company employee
to discontinue his or her employment with the Company; (ii) usurp any opportunity of the Company that Consultant becomes aware of during the Consulting Period or which is made available to
Consultant on the basis of Consultant's relationship with the Company; (iii) directly or cause others to solicit or divert or attempt to solicit or divert away from the Company any business or
clients or customers of the Company (collectively "Client"); or (iv) directly or cause others to induce or encourage or attempt to induce or encourage Clients, suppliers, agents or other
persons under contract or otherwise associated or doing business with the Company to reduce or adversely alter any such association or business with the Company. "Client" shall be defined as any
individual or entity for whom the Company has performed services during the six (6) month period prior to the termination of this Agreement.

8.Independent Contractor.

(a)  Consultant
shall act in the capacity of an independent contractor with respect to the Company, and not as an employee or authorized agent of the Company. Consultant
shall not have any authority to enter into contracts or binding commitments in the name or on behalf of the Company. Consultant will not use of the Company's logo or marks without prior written
approval, and then such use shall be only for the benefit of the Company and at the direction of the Company. Consultant shall not be, nor represent himself as being, an agent of the Company, and
shall not be, nor represent himself or herself as being authorized to bind the Company.

(b)  Consultant
agrees, acknowledges and understands that he shall not have the status of an employee of the Company and shall not participate in any employee benefit plans
or group insurance

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plans or programs (including, but not limited to salary, bonus or incentive plans, stock option or purchase plans, or plans pertaining to retirement, deferred savings, disability, medical or dental),
even if he is considered eligible to participate pursuant to the terms of such plans. In addition, Consultant understands and agrees that consistent with his independent contractor status, he will not
apply for any government-sponsored benefits intended only for employees, including, but not limited to, unemployment benefits.

(c)  Consultant
understands and agrees that he shall not participate in any plans, arrangements, or distributions by the Company pertaining to or in connection with any
pension, stock, bonus, profit-sharing, or other similar benefit program the Company may have for its employees, regardless of whether Consultant is classified as an employee for any other purpose or
is otherwise eligible to participate in such plans. Consultant's exclusion from benefit programs maintained by the Company is a material component of the terms of compensation negotiated by the
parties and is not premised on Consultant's status as a non-employee with respect to the Company. To the extent that Consultant may become eligible for any benefit programs maintained by
the Company (regardless of timing or reason for eligibility), Consultant hereby waives his right to participate in the programs. Consultant's waiver is not conditioned on any representation or
assumption concerning Consultant's legal status as a contractor or employee.

(d)  The
Company shall issue Form 1099 records for its payments to Consultant made pursuant to this Agreement. Because Consultant is an independent contractor, he is
solely responsible for all taxes, withholdings, and other similar statutory obligations, including, but not limited to, Workers' Compensation Insurance; and Consultant agrees to defend, indemnify and
hold Company harmless from any and all claims made by any entity on account of an alleged failure by Consultant to satisfy any such tax or withholding obligations. Consultant warrants that he has
sought and obtained independent advice regarding the tax consequences of the payments made pursuant to this Agreement.

9.Consultant's Representations.Consultant agrees, represents and warrants that:

(a)  Consultant's
performance of the Consulting Services or of any term of this Agreement will not breach any agreement or understanding that Consultant has with any other
person or entity and that there is no other contract or duty now in existence inconsistent with the terms of this Agreement;

(b)  During
the Consulting Period, Consultant shall not be bound by any agreement, nor assume any obligation, which would in any way conflict with or be inconsistent with the
Consulting Services to be performed by Consultant under this Agreement;

(c)  In
performing the Consulting Services, Consultant will not use any confidential or proprietary information of any other person or entity or infringe the intellectual
property rights (including, without limitation, patent, copyright, trademark or trade secret rights) of any other person or entity nor will Consultant disclose to the Company, or bring onto the
Company's premises, or induce the Company to use any confidential information of any person or entity other than the Company or Consultant;

(d)  During
the Consulting Period, Consultant will not disclose to the Company, or use, or induce the Company to use, any proprietary information or trade secrets of others.
Consultant represents and warrants that Consultant has returned all property and confidential information belonging to all prior entities for whom Consultant has provided services, including, without
limitation, all files, records, documents, laboratory notebooks, drawings, prototypes, plans, specifications, computer disks, sources codes, manuals, books, forms, receipts, notes, reports, memoranda,
studies, data, calculations, recordings, catalogues, compilations of information, correspondence, and all copies, abstracts, and summaries of the foregoing, instruments, tools, and equipment, and all
other physical items related to the business of the prior entities. Consultant further represents and warrants that Consultant's performance of the terms of this Agreement will not breach any
agreement to keep in confidence proprietary information acquired by Consultant in confidence or in trust prior to or concurrent with

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this Agreement with the Company. Consultant has not entered into, and agrees not to enter into, any oral or written agreement in conflict with this one; and

(e)  Consultant
will abide by all applicable laws and the Company's safety rules in the course of performing the Consulting Services.

10.Indemnification.Consultant will defend, indemnify and hold the Company harmless against any and all losses,
liabilities, damages, claims, demands, suits, costs and expenses (including, without limitation, reasonable attorneys' fees and court costs) ("Losses") arising or resulting, directly or indirectly,
from (i) Consultant's breach of Section 9 above, (ii) infringement by Consultant's performance of the Consulting Services of any third party intellectual property rights or
(c) any failure (alleged or actual) by Consultant to satisfy any of his tax or withholding obligations. The Company will defend, indemnify and hold the Consultant harmless against any and all
Losses arising or resulting, directly or indirectly, from Consultant's services performed within the scope and ordinary course of the relationship between Consultant and the Company created by this
Agreement except to the extent that such Losses are a
result of Consultant's willful misconduct or gross negligence. The provision of this Section 10 shall not be applicable to Consultant's services as a director of the Company.

11.Termination.

(a)  This
Agreement may be terminated at any time upon the mutual written consent of the Company and Consultant.

(b)  This
Agreement shall terminate automatically in the event of Consultant's death or Disability (as defined below).

(c)  This
Agreement may be terminated at any time by the Consultant upon thirty (30) days' prior written notice to the Company.

(d)  This
Agreement may be terminated by the Company upon thirty (30) days' prior written notice to Consultant of his material breach of this Agreement; provided,
however, that if such material breach is capable of being cured, this Agreement shall not terminate if Consultant cures such breach within thirty (30) days of receiving such notice.

(e)  In
the event of termination, the Company shall promptly pay Consultant any consulting fees earned but unpaid before termination, as well as expenses reasonably incurred
by Consultant prior to termination, so long as Consultant submits appropriate expense reimbursement requests within thirty days following the date of the termination notice.

For
purposes of this Section 11, "Disability" shall mean Consultant's inability, by reason of any physical or mental injury or illness, to perform the consulting services
hereunder for a period in excess of ninety (90) consecutive days. In such event, this Agreement shall be terminated on the last day of such ninety (90) day period.

12.Limitation of Liability.THE COMPANY SHALL NOT BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER OF THIS
AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, ANY LOSS OF REVENUES
OR PROFITS.

13.Miscellaneous Provisions.



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(b)  All
notices hereunder shall be in writing and shall be delivered in person or by registered or certified mail, return receipt requested, or sent by a nationally
recognized overnight delivery service or by facsimile to the applicable party at its address set forth below (or at such different address as may be designated by such party by written notice to the
other party). All notices by mail shall be deemed delivered upon receipt.



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IN
WITNESS WHEREOF, this Consulting Agreement is entered into on the date first set forth above.

CONSULTANT HAS READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS AND ACCEPTS THE OBLIGATIONS WHICH IT IMPOSES UPON CONSULTANT WITHOUT RESERVATION. NO PROMISES OR
REPRESENTATIONS HAVE BEEN MADE TO CONSULTANT TO INDUCE CONSULTANT TO SIGN THIS AGREEMENT. CONSULTANT SIGNS THIS AGREEMENT VOLUNTARILY AND FREELY.

ACCEPTED AND AGREED TO:

|                             |  |                                  
|---------------------------- |  | ---------------------------------
|ValueClick, Inc. / "Company" |  | Gregory R. Raifman / "Consultant"
|                             |  |                                  

|By: | /s/ Samuel J. Paisley |  | /s/ Gregory R. Raifman
|--- | --------------------- |  | ----------------------
|    |                       |  |                       
|    |                       |  |                       

|Name:  | Samuel J. Paisley       |  | Name: | Gregory R. Raifman
|------ | ----------------------- |  | ----- | ------------------
|       |                         |  |       |                   
|       |                         |  |       |                   
|Title: | Chief Operating Officer |  |       |                   
|       |                         |  |       |                   

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