April 9, 2008

Former Yahoo! Advertising Executive Tim Cadogan Joins OpenX as CEO

Leading Ad Server Rapidly Expanding US Presence

LOS ANGELES, CA. & LONDON, UK – April 9, 2008 OpenX (www.openx.org), the developer of the free, open source ad server used by more than 30,000 publishers in over 100 countries around the world, announced today both the appointment of former Yahoo! SVP Tim Cadogan as CEO and the move of its head office from London, England to Los Angeles, California. The news closely follows the recent appointment of Jon Miller, ex CEO and Chairman of AOL, to the board of OpenX and the completion of its $15.5 million Series B fundraising led by Accel Partners.

“The US is the global hub for the online publishing and advertising markets, so we need a very strong presence in that market,” said James Bilefield, outgoing CEO of OpenX who will act as strategic advisor to OpenX in the future. “As we scale our publisher base and introduce exciting new services to help publishers increase their revenues from online ads, the time is right for OpenX to bring in new, US-based leadership and relocate across the Atlantic. I am delighted we have attracted Tim Cadogan to lead OpenX into this next stage and beyond.”

Tim Cadogan was most recently SVP, Global Advertising Marketplaces at Yahoo!, and was previously one of the key leaders at Goto.com/Overture. “I’m thrilled to join OpenX at this stage of its development,” said Tim Cadogan. “The OpenX team has already done a great job building a large and global publisher footprint, developing valuable products and nurturing a strong, participatory publisher community in an extremely open way. All this work has established very strong foundations for our next growth phase. I look forward to building a world class team in the US and Europe, further accelerating our product roadmap and driving the company’s and the community’s future success.”

Jon Miller, Chairman of OpenX said: “I am very excited to have recruited someone of Tim Cadogan’s caliber to lead the company forward. Tim is a seasoned executive operator who brings deep knowledge of the global online advertiser and publisher markets and a strong belief in the power of OpenX’s unique, open source community. I very much look forward to working closely together with him to build out OpenX. I’d also like to thank James Bilefield very much for his strong leadership of OpenX.”

About OpenX

OpenX helps publishers make more money from online advertising. The company provides for free its sophisticated, open source ad serving software, giving website owners everything they need to schedule, manage and track their online inventory. Already used by more than 30,000 publishers in over 100 countries around the globe, OpenX software delivers billions of ads every day. Based in Los Angeles, CA, OpenX is backed by leading investors including Accel Partners and Index Ventures. More information can be found at www.openx.org.

About Tim Cadogan

Tim Cadogan was most recently SVP of Global Advertising Marketplaces at Yahoo!. In this role he was responsible for setting the global product strategy for all products in the Yahoo Ad Network (encompassing Display, Video and Search advertising and the majority of Yahoo’s advertising revenues)and building and managing marketplace operations (including auction design and pricing), overall business management and network quality. Previously at Yahoo! Tim was VP of Search from 2003 until 2006, where he was responsible for the P&L and overall business performance of Yahoo!’s consumer search business. Prior to Yahoo!, Tim was VP of Search at GoTo/Overture where he built and led both partner development and product management teams. He played a pivotal role successfully evangelizing the paid search business model to the search industry in 1999-2003. Previously Tim was a strategy consultant at The Boston Consulting Group in London and McKinsey in Palo Alto. He was educated at London School of Economics, Oxford and Stanford.