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IQ News: Adauction.com Adds Execs, Money, In Race To Top

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Adauction.com, San Francisco, an online ad auction company, has appointed former Ziff-Davis president J. Scott Briggs as chairman and made several other appointments to its board. The company also said last week that it had raised $1.6 million to support its monthly online media auctions.
"The race is on to be one of the big three automated sales channels," said David Walmsley, president and CEO. He added that the company views its competition as companies such as DoubleClick and 24/7 Media.
In addition to Briggs, Adauction.com named two other executives to its board: Ronald C. Conway, head of business development at CBT Systems, Menlo Park, Calif., and Chris Redlitz, the company's vice president of media sales.
Briggs, who worked at Ziff-Davis for 22 years before retiring last year, said the Web has "created far more places for people to advertise than anyone could possibly keep track of.
"What I do best is understand where things are going to go next," he continued. "I know that this is an area where we are all going to want to go next."
Adauction.com raised $1.6 million in a recent round of funding, bringing its total to date to $2 million in venture and private money. Each of the new board members has invested between $50,000 and $100,000, Walmsley said.
The company was founded in September and has held monthly auctions since February. More than 70 publishers are part of the auctions, including the Internet Travel Network and Student Advantage, and more than 130 media buyers are contracted to participate. Last month's average CPM was above $7, Walmsley said.