LifeStreet Media press release
LifeStreet Media Founder Launches RevJet, a New Advertising Technology Startup
LifeStreet Media Completes Fiscal Year 2014 Achieving Seventh Consecutive Year of Profitability; LifeStreet Co-Founder Paul Kennedy Takes Helm as President
SAN CARLOS, Calif., October 29, 2014 — LifeStreet Media a leader in mobile and Facebook in-app advertising, today announced its founder Mitchell Weisman has stepped back from operations at LifeStreet to launch RevJet, a new advertising technology startup, as RevJet's founding CEO. While Weisman will not be involved in day-to-day management at LifeStreet, he will remain chairman of its board. LifeStreet co-founder Paul Kennedy has been tapped to lead LifeStreet Media as its new President.
LifeStreet Media just completed its seventh consecutive year of profitability and its third consecutive year of record ad revenue in its rapidly growing mobile advertising business. In August, the company was named to the 2014 OnMedia Top 100 Private Company list, designating LifeStreet as one of the world's top 100 most promising private companies in the fields of digital media, advertising and commerce.
RevJet and LifeStreet will operate as separate businesses with separate headquarters and management teams, although the two ventures will initially share a common holding company backed by Nautic Partners, a middle-market private equity firm with over $2.5 billion of equity capital under management. LifeStreet is moving its headquarters to San Francisco to gain proximity to many mobile advertising customers and to the city's large base of mobile advertising talent.
"Under my leadership, LifeStreet will continue to relentlessly focus on our one core mission: to drive significant value for advertisers and publishers," said Paul Kennedy, LifeStreet's co-founder and new President. "We just completed another all-time record for our mobile advertising business and I'm certain our new San Francisco headquarters will be a valuable asset in continuing to deliver against our mission. I'm thrilled to be leading LifeStreet into this exciting new chapter, and I'm also proud to be the first customer of RevJet's new ad tech platform."
RevJet, the new ad tech company, will be based in San Carlos, California. In 2015, RevJet will reveal a fundamentally different kind of ad-tech platform for advertisers and agencies, built in part by utilizing a number of novel technologies originally invented by LifeStreet. Global ad tech revenues are estimated to exceed $15 billion in 2014 and are projected to grow faster than the overall digital advertising market in coming years, according to a September 2014 MediaPost article by Seth Ulinski, Senior Ad Tech Analyst at Technology Business Research.
"While it's premature to share product details, our vision for RevJet is transformative and enormous," said Mitchell Weisman, founder and CEO of RevJet. "The platform we release in 2015 will be unlike anything in today's ad-tech landscape, and will empower advertisers to harvest the single largest untapped source of value in the digital advertising ecosystem in a completely novel way."
About LifeStreet Media
LifeStreet Media is a leader in global in-app advertising for Apple (iOS), Android and Facebook developers. LifeStreet delivers breakthrough monetization levels and high volumes of new customers for mobile and social developers, advertisers and publishers. LifeStreet's seasoned marketers enter goal-aligned partnerships with each advertiser. The company's powerful analytics platform highlights relevant and valuable data within campaigns so advertisers can quickly react and spend more efficiently. LifeStreet's reach extends to over 600 million mobile and social app users each month. The company has driven over 400 million social and mobile app installs or deeper conversion events for its customers, and has paid out over $200 million in ad revenues to publishers. AlwaysOn named LifeStreet to its 2014 OnMedia Top 100 Private Company list, recognizing the company as one of the world's 100 most promising private companies in the fields of digital media, advertising and commerce.
LifeStreet is headquartered in San Francisco, CA. For more information, please visit: www.LifeStreetMedia.com
Headquartered in San Carlos, CA and launching in 2015, RevJet is developing a new advertising technology that empowers marketers and agencies to unlock the largest untapped source of value in digital advertising. To sign up to learn more about RevJet, please visit: www.RevJet.com