Jud Bowman, who sold Appia to Digital Turbine Media earlier this year, is launching a new company as a spin-off from Turbine. Bowman followed a similar path in starting Appia with assets he acquired from Motricity as he left that former Durham firm.
As part of the deal, Bowman turned to a familiar investor for startup capital. Sift sold 3.19 million shares of stock to investors including Wakefield Group for $3.19 million.
Wakefield has backed both of Bowman’s previous ventures, Appia and PocketGear.
Digital disclosed the new venture in a securities filing early Monday.
The new firm is called Sift. Its focus will be on proprietary ad bidding software.
Digital receives an ownership stake in Sift.
Bowman stepped down from Appia but took a position at Digital when the acquisition took place. He did not participate in the Digital decision, according to the filing.
The intellectual property and assets being spun off to the new venture were part of Appia.
Sift is paying Digital $1 million in cash and also awarding Digital 9.9 percent of its shares. Further, Digital receives a board seat at Sift.
Bowman will serve as CEO of Shift and will be the majority owner, receiving 53 percent of the firm’s shares. He paid $60,000 for the shares, the filing said.
Additionally, according to the filing, he will receive a salary of $200,000 plus potential bonuses up to 50 percent of his base pay.
