SOURCE: WidgetBucks

 

SEATTLE, WA--(Marketwire - February 2, 2009) - WidgetBucks, the market-leading vertical network of shopping ad content that reaches consumers of niche and Long Tail sites and blogs, today announced rapid-growth startup veteran Michael Vernon has joined its Board of Directors. Vernon is best known for financially guiding online ad technology company aQuantive to profitability and a multi-billion dollar market cap before the company was acquired by Microsoft in 2007 for $6 billion, making it the largest ever advertising agency acquisition.

Vernon joins the Board as WidgetBucks embarks on its second full year of rapid growth after ad impression volume grew by 150 percent over the course of 2008.

During Vernon's five years (2000-2006) with NASDAQ-traded aQuantive, the company's fast-growing, high-margin business attracted a broad Wall Street following as it grew from a net revenue base of approximately $30 million in 2000 to an estimated $400 million and a market cap in excess of $2 billion in 2006, his last year with the company. aQuantive's properties, now rolled into Microsoft, included Top 10 ad network DrivePM, ad technology Atlas and interactive agency arm Razorfish. Vernon's CFO experience also includes five years as CFO in the hotel industry, including two with Park Plaza International and NYSE-traded Red Lion Hotels. See Vernon's full bio here.

"When it comes to core fundamentals within the online advertising space -- monetization, expansion and targeting -- WidgetBucks is well positioned to be a big ad play," said Vernon. "What further attracted me to this appointment is the management team's successful history, new proprietary optimization technology, including YieldSense, and their sound financial backing and infrastructure."

"Adding Michael to our Board is a real coup for WidgetBucks," said Matt Hulett, CEO and Chairman of WidgetBucks. "Michael knows rapid-growth Internet startups. He knows online advertising technology. And he knows how to inject 'big thinking' into an emerging company. He's going to be a fantastic complement to our existing experienced Board and management team."

Vernon's appointment brings more startup and rapid-growth background to WidgetBucks' already deep Board of Directors: Bill Bryant, venture partner at Draper Fisher Jurvetson (DFJ), Michelle Goldberg, partner at Ignition Partners, and Rob Solomon, venture partner with Technology Crossover Partners, who is an Internet advertising veteran with Yahoo! and former CEO of travel search engine company Sidestep, which was merged with Kayak.com in December 2007.

Vernon is the third industry veteran to be added to WidgetBucks' management team or Board in the last several months: Chief Revenue Officer Kirby Winfield joined in August, while Chief Financial Officer Jeff Bergstrom came aboard in October. Combined, the two chief officers represent over $3 billion in shareholder value from past acquisitions.

About WidgetBucks

WidgetBucks is the market leading network of advertising widgets that is evolving the traditional online ad industry into a much richer, more relevant and engaging medium. Founded in October 2007, WidgetBucks serves over 1.5 billion ad impressions each month worldwide and is ranked among the Top 30 ad networks by both comScore and Quantcast. WidgetBucks' privately-held parent company, Mpire Corporation, was founded in 2005, and is backed by Ignition Partners and Draper Fisher Jurvetson.