Altitude Digital's CEO is out as it shifts from being an ad network to focus on tech
Ostermiller stepped down from the chief executive role in October and was replaced by Joe Grover, who has served as the company's chief marketing officer for the past three years.
Prior to that, Grover worked in venture capital at Mercato Partners, the lead investor in Altitude Digital's $5 million Series A round in 2013. The company has raised $22.7 million in total and has between 51 and 100 employees, according to CrunchBase.
Ostermiller will remain involved in the business as a member of the board and he still owns a sizeable equity stake.
In addition, there have been some other management changes at Altitude Digital. The company's chief operating officer Devin Yeager and chief technology officer Manny Puentes have also both left the company. As a result, Yeager no longer sits on the company's board.
Altitude Digital hired a new SVP of engineering and development, Bill Marcum, who most recently worked as VP of engineering at information security startup Threat X.
The company confirmed the changes to Business Insider and sent this emailed statement:
"The company has been transforming its business model from a more traditional media business to a technology company. To accelerate this transition, the board of directors was looking for a more cohesive and focused leadership team. Joe was uniquely prepared to lead the company through this evolution. The market continues to change rapidly with focus on quality over quantity, especially in video advertising. Altitude Digital's platform is focused on giving publishers the verification tools and data to drive higher value for their quality ad inventory."
Altitude Digital is a video SSP (supply side platform) that helps publishers monetize the videos on their site through advertising. It aims to differentiate itself from other video SSPs in the market by pulling a number of third-party verification tools - such as Integral Ad Science, Moat, and DoubleVerify - into one dashboard so publishers can assure advertisers their ads were served to human traffic (rather than bots) and protect themselves from ad fraud.
However, when Altitude Digital was founded, in 2011, it was more of an ad network that allowed advertisers to serve ads across a range of sites such as The LA Times, eBaumsworld, and Photobucket. Ad networks make money by taking a cut of this changeable ad spend, whereas companies that offer tech platforms - while still often taking a cut of media spend - tend to make their money with more predictable monthly-recurring software fees.
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