Under the terms of the deal, Lijit will become a wholly owned subsidiary of Federated Media and its key executives will assume larger roles within the organization.
In addition to their existing positions Todd Vernon, Founder and CEO, will become EVP of Technology at Federated Media; Manny Puentes, CTO, will become SVP of Technology; Walter Knapp, COO, will become SVP of Platform Revenue.
Seth Levine, Managing Director of Foundry Group, Lijit’s lead investor, will join the Federated Media Board of Directors.
Founded in June 2006, Lijit currently connects over 70,000 online publishers, commercial websites and content networks with highly targeted online advertising campaigns. It also provides audience analytics, and reader engagement tools.
To support its next phase of growth, the company plans to hire an additional 30-40 employees, primarily in engineering, operations, and publisher development.