launches as online buying resource

Published on . will announce April 19 it is launching as an online exchange for Internet advertising, working to automate buying. AdExchange intends to connect buyers to inventory systems of participating sites, allowing buyers to execute transactions for online media--and eventually offline media--electronically in real time. The Beverly Hills, Calif., venture, which had been using the temporary name AdHarmony (, Jan. 17), will begin transacting orders in June. It's backed by Idealab and Palomar Ventures, with board members including Dennis Holt, founder of Western International Media Corp. Computer Sciences Corp., which has built online buying exchanges in other industries, developed the technology for AdExchange. The venture will compete with such online transaction rivals as, BuyMedia and One Media Place, formerly (, April 18). The company was founded by Paul Grand, who earlier co-founded Digital Planet, bought by iXL, and founded NetCount, acquired by Internet Profiles Corp. Joining him as a co-founder and exec VP-business development is Kent Valandra, who was exec VP-general manager of new media at Western before joining the new venture. AdHarmony paid "less than a million dollars" in cash plus stock to buy its new URL, Mr. Grand said.

Copyright April 2000, Crain Communications Inc.

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