In its second-largest acquisition, Amazon buys the company for $970 million.
Phu Hoang will oversee strategy for the online advertising firm, and guide its expansion into the mobile and social markets.
Palo Alto, CA–March 10, 2011–Buysight, a leader in online performance advertising, announced today that Phu Hoang has joined as chief strategy officer. Buysight has created an automated performance marketplace that allows advertisers to buy display advertising the way they buy paid search today and uses data to know consumer intent and find buyers for advertisers. As part of the executive management team under CEO Shaukat Shamim, Dr. Hoang will drive strategy as well as execute against corporate goals and initiatives, including an expansion into the mobile and social markets.
Buysight is experiencing tremendous growth, having more than doubled its revenue within the last 90 days, and expects to continue this momentum over the next two quarters and beyond. With real-time data-driven marketplaces becoming mainstream in the industry and mobile e-commerce and social media playing significant roles in how people shop for goods and services, the addition of Hoang will allow Buysight to continue to drive and lead these industry trends.
As executive vice president and one of the original technology leads at Yahoo!, Phu Hoang was instrumental in overseeing the development and growth of its consumer and advertising products worldwide. He spent 12 years with Yahoo!, and was responsible for leading many of the company’s core properties, including search marketing, display advertising, shopping and auctions. During his tenure with the company, a large portion of the organization reported directly to him. After Yahoo!, Dr. Hoang joined the management team at Kiva.org, furthering its mission to alleviate global poverty through microlending to entrepreneurs in developing countries.
“Phu Hoang is a legend in the online industry who helped change the face of the Internet as we know it today,” said Shaukat Shamim, CEO of Buysight. “Now, as online advertising continues to evolve and Buysight leads the way in making display advertising work for performance and data-driven marketing, Phu’s addition ensures that we continue to stay two steps ahead of the industry and build on the great momentum we‘ve generated over the past year.”
About Buysight, Inc.:
Buysight is building the world’s first automated marketplace for performance display advertising. Through its Buyer Intent Map and Buyer Targeting, Buysight knows what over 100 million individual shoppers want to buy and connects them to companies that best meet their needs with instantly personalized, relevant offers for products they are interested in. Through its acquisition, remarketing, and branding programs, Buysight delivers increased visits and conversions and lowers its clients’ cost of marketing.