SOURCE: WidgetBucks

October 27, 2008 08:00 ET

WidgetBucks Welcomes Jeff Bergstrom as Chief Financial Officer

SEATTLE, WA--(Marketwire - October 27, 2008) - WidgetBucks, a market-leading provider of advertising widgets that are viewed by 100 million users worldwide each month, today announced Internet startup "exit" veteran Jeff Bergstrom as Chief Financial Officer.

Bergstrom's 18-year financial career includes extensive involvement with technology and Internet startups. He has managed multi-billion-dollar acquisitions and mergers, facilitated private equity transactions, and navigated business finances during tough macro-economic times. In all, Bergstrom has built and sold three tech and Internet companies resulting in over $2.2B in shareholder value.

While with Internet company Go2Net from 1997-2001, Bergstrom helped the company grow to over $110M in annual revenue and $40M in annual operating cash flow. He was deeply involved with the purchase and integration of nine companies in two years, and also led the financial team ultimately responsible for the acquisition by InfoSpace for approximately $2.0B.

Most recently Bergstrom was CFO of The PowerTech Group, a security software products firm that recently sold to a portfolio company of the Audax Group. Prior to that, he served as senior director of finance within Areva T&D, a French public multinational industrial conglomerate mainly known for nuclear power generation and electricity transmission and distribution. Bergstrom also worked at Risk Management Solutions, a Silicon Valley company that developed and sold risk assessment software to the insurance and reinsurance industry, which was sold to a private equity fund run by Morgan Stanley. He also had two tours of duty with Arthur Anderson, LLP.

"I see a number of real similarities within WidgetBucks that I've seen and experienced first-hand with successful startups," said Bergstrom. "Certainly there are the tangibles -- stellar executive track record, killer technology and solid backing -- but the intangibles of high energy, focus and entrepreneurial leadership are clearly within WidgetBucks' DNA."

"Jeff brings an incredible breadth of financial experience perfectly suited to WidgetBucks," said Matt Hulett, CEO and Chairman of WidgetBucks. "He joins us at just the right time as WidgetBucks embarks on its second year well positioned to reinvigorate online advertising, even during these challenging economic times and beyond. Having been involved with three startups that have yielded over $2.2B in shareholder value, Jeff knows what it takes to win."

As WidgetBucks' CFO, Bergstrom is responsible for managing the company's financial strategy and operations. He will also oversee and implement all financial reporting, forecasting, tax functions, as well as manage the company's cash flow operations and publisher accounts.

Bergstrom's appointment is WidgetBucks' second chief officer addition in the last two months -- Kirby Winfield joined as Chief Revenue Office in August 2008.

About WidgetBucks

WidgetBucks is the market leading provider of advertising widgets that are evolving the traditional online ad industry into a much richer, relevant and engaging medium. The fastest growing ad network today, WidgetBucks is used by thousands of publishers and brand marketers, and seen by over a 100 million unique viewers a month worldwide. WidgetBucks' privately-held parent company, Mpire Corporation, was founded in 2005, and is backed by Ignition Partners and Draper Fisher Jurvetson.