Aided by the promise of online video advertising, Adap.tv just scored a major financial player to grow its business.
On Monday, the video ad startup named Tim Morse as its first chief financial officer. Morse comes from Yahoo, where he held executive vice president and CFO positions from mid-2009 through last October.
At Adap.tv, Morse will be responsible for finance, M&A and human resources, while helping to prepare the start-up’s corporate and financial infrastructure for its next stage of growth.
In an increasingly crowded video-ad marketplace, what attracted Morse to Adap.tv? By his estimation, Morse said on Monday: “No other company has wired more of the world’s largest agencies, brands and publishers together on a unified platform.”
Morse believes that his new employer is nicely positioned to take advantage of online video’s two top trends: “the merging of traditional TV with digital and the rise of programmatic advertising technology.”
At Yahoo, Morse was responsible for all aspects of finance, investor relations, facilities, procurement and mergers & acquisitions. He also served as the company’s Interim CEO from September 2011 to January 2012.
Adap.tv reported adding more than 200 new customers in 2012, including VEVO and Horizon Media.
Growing rapidly, the company increased its staff 200% last year to over 150 employees in North America, Europe and Australia. In terms of video advertising, Adap.tv served about 1 billion videos last October, according to comScore. At the time, that put it behind BrightRoll and its 1.8 billion videos served, along with Google (1.75 bilion), Hulu (1.5 billion), and LiveRail.com (1.2 billion).
Overall, U.S. consumers watched roughly 11 billion video ads last October, according to comScore.
By eMarketer’s estimates, the overall U.S. online video ad market grew 46.5% to $2.9 billion, last year. This year, the research firm expects advertisers to spend $4.1 billion on video ads in the U.S.
Prior to Yahoo, Morse was the CFO of Altera Corporation and GE Plastics, a unit of General Electric.