In its second-largest acquisition, Amazon buys the company for $970 million.
The ad network and e-commerce applications developer closed a $5 million round of funding from Split Rock Partners. The company then hired Split Rock`s Jamie Thingelstad as its chief operating officer and chief technology officer.
Ad network and e-commerce applications developer Alvenda Inc. closed a $5 million round of funding from Split Rock Partners to expand its business operations, as well as its business development team.
The company then used some of those funds to hire Split Rock entrepreneur-in-residence Jamie Thingelstad as its chief operating officer and chief technology officer, says a spokesman. At Split Rock, Thingelstad evaluated digital and social media investment opportunities.
“Alvenda has the clearest and most attractive value proposition of any software developer I`ve seen in several years,” says Thingelstad. “Alvenda has identified an unmet need and has created a platform that is tremendously exciting.”
Thingelstad is tasked with reducing the time it takes Alvenda to deploy its offerings, as well as building up the company’s technology platform so that it can support thousands of merchants.
Alvenda develops applications that enable retailers such as 1-800 Flowers.com Inc. and Avon Products Inc. to sell directly via Facebook and online advertisements.
Prior to Split Rock, Thingelstad was vice president and chief technology officer of the Wall Street Journal Digital Network and chief technology officer for the Dow Jones Enterprise Media Group.
“Jamie’s publisher domain knowledge will help us better understand the needs of our publisher partners,” says Alvenda CEO Wade Gerten. "The breadth and depth of his technology expertise will ensure our systems can efficiently support our rapidly growing technology demands and his strong operations experience will be instrumental in simplifying our processes and accelerating customer deployments.”