ReverbNation Establishes AdWerx as Standalone Entity
Global music company spins-off Durham's next tech company to watch
DURHAM, N.C., Jan. 13, 2015 /PRNewswire/ -- ReverbNation today announced a strategic spin-off of its online advertising services division into a standalone corporate entity, AdWerx, Inc. The newly separated company, focused on making digital advertising simple for small businesses, will continue its expansion into new industries that had been planned prior to the spin-off. ReverbNation co-founder and President, Jed Carlson, will leave ReverbNation to assume the role of Chief Executive Officer of AdWerx. Michael Doernberg will remain the Chief Executive Officer of ReverbNation.
In 2012, based on the success of its Promote It product, ReverbNation began investing in a stand-alone product to service customers beyond music. AdWerx provides localized online advertising to small businesses by harnessing the power of behavioral targeting to put ads in front of those consumers who are in the market for a specific product or service. AdWerx, with its initial product offering in real estate, was able to quickly mirror the success of ReverbNation's Promote It product. In its first year, AdWerx generated approximately 10,000 paying customers.
"At ReverbNation, we unlocked the power of digital advertising for the individual musician," said Jed Carlson, Chief Executive Officer at AdWerx. "We quickly realized there were other small businesses that could benefit from this, if only they could access it. Our mission is to level the playing field, so any small business or individual can get in front of the right audience and get noticed."
"Incubating AdWerx inside of ReverbNation allowed AdWerx to gain traction quickly. Our team began preparing to separate in early 2014 with a clear understanding that the companies would eventually need to stand alone to realize their full potential," said ReverbNation Chief Executive Officer Michael Doernberg. "For ReverbNation this means leveraging its global Artist community and industry-first curation capabilities towards deeper integration with the Entertainment Industry. For AdWerx, it means rapidly expanding into new markets."
About ReverbNation
ReverbNation is the global leader in empowering independent Artists to advance their careers. Since its founding in 2006, ReverbNation has remained committed to putting 3.8 million Artists First through exposure to the music industry, connection to a worldwide audience, and access to powerful promotional tools. With the recent introduction of the company's Artist Development group along with its industry-leading talent identification capability, ReverbNation is positioned to play a pivotal role in the development of the next generation of successful Artists. For more information, visit www.ReverbNation.com. Follow ReverbNation on Twitter at www.Twitter.com/ReverbNation.
About AdWerx, Inc.
AdWerx is a team of savvy marketers, experienced software developers, and advertising veterans. AdWerx is bound together by the simple belief that online marketing should work for everyone and is devoted to creating success for very small businesses. AdWerx provides local, online advertising that is highly targeted, easy to use and affordable. For more information, visit www.AdWerx.com.
SOURCE ReverbNation
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