PASADENA, CA - August 11, 2011 OpenX Technologies, Inc. (OpenX), the world's leading independent provider of digital advertising technology, today announced that its chief executive officer, Tim Cadogan, will participate in a roundtable discussion with Rep. Adam Schiff (CA-29) and prominent figures within the local education and business communities. The roundtable will take place today at 2:00 pm at the California Institute of Technology (Caltech) Avery Library and the focus will be on our nation’s immigration policies and their effect on economic competitiveness in Southern California and across the United States.
With many graduates from top U.S. universities having no other option but to return to their country of origin at the expiration of their student visa, these talented individuals are being forced to take their entrepreneurial ideas and build on them in foreign countries, boosting those economies instead of our own. Rep. Schiff plans to introduce a bill this Congress to address this critical issue.
“According to a recent study, 40% of U.S. publicly traded venture-backed companies operating in high-technology manufacturing were started by immigrants”, said Tim Cadogan, chief executive officer, OpenX. “This is testament to what immigrant entrepreneurialism can do to help stimulate the U.S. economy. Nurturing foreign talent – educating, retaining and attracting those willing to create innovative businesses on U.S. soil – can and should have a major role to play in driving growth for the entire U.S. economy.”
“As the nation continues to struggle with a sluggish economy, we must make every effort to speed-up our recovery,” Rep. Schiff said. “It is clear that our current immigration system is broken and is badly in need of comprehensive reform, but we must not allow the loss of American-educated talent to continue, and we should do all we can to retain those who hold highly-coveted science, technology, engineering and math degrees and want to stay in the U.S., start a new business, and hire U.S. workers by granting a green card and encouraging them to make the U.S. their home.”
Since gaining his MBA from Stanford University in 1998, British-born Tim Cadogan has lived and worked in the United States. Before being appointed OpenX chief executive officer in 2008, he was at Yahoo! where he was Senior Vice President of Global Advertising Marketplaces overseeing the primary advertising product lines at the company – including Display, Search and Video – for five years. Previously at Yahoo!, Cadogan was Vice President of Search where he was responsible for both the consumer search and paid search businesses. Prior to Yahoo!, he was Vice President of Search at Overture (formerly GoTo.com). Before Overture, Cadogan was a consultant at The Boston Consulting Group and McKinsey & Company. Cadogan earned his BS from The London School of Economics, his MPhil from Oxford University.
OpenX has brought a number of employees to work at the company headquarters in Pasadena under different categories of employment visa since 2008.
In May 2011, the company completed a $20 million Series D funding round bringing the total investment in OpenX to more than $50 million. SAP Venturesled the round with the participation of additional new investors AOL Ventures, Mitsui & Co. Global Investment, Inc., and Presidio Ventures, the wholly owned investment vehicle of Sumitomo Corporation. Existing investors Accel Partners, Index Ventures and DAG Ventures also participated in the round.
Earlier this year, OpenX announced the launch of a new, breakthrough version of OpenX Enterprise, the company's Software as a Service ad serving product for large publishers. The new platform combines the totally updated capabilities of a true premium ad server with new, advanced technology that enables publishers to maximize yield across all their ad revenue channels in real-time and in one place. Among its customers and partners are Groupon, Business Insider and Dentsu-cci.
OpenX is the world's leading independent provider of digital advertising technology that enables businesses to manage and maximize their ad revenue. OpenX products, including OpenX Enterprise and OpenX Market, provide a comprehensive revenue serving platform by combining ad serving with a unique ad exchange.
OpenX Technologies, Inc., a wholly owned subsidiary of OpenX Limited, is based in Los Angeles and is backed by leading investors including Accel Partners, Index Ventures, SAP Ventures, AOL Ventures, Mitsui & Co. Global Investment, Inc., Presidio Venturesand O'Reilly AlphaTech Ventures. For more information, please visit www.openx.com.
OpenX is a trademark of OpenX Limited.