AUSTIN, Texas, Aug. 31, 2016 /PRNewswire/ -- Digital
Turbine, Inc. (Nasdaq: APPS), the company empowering mobile
operators and Original Equipment Manufacturers ("OEMs") around the
globe with end-to-end mobile solutions, today announced the
appointment of Barrett Garrison as
Chief Financial Officer effective September 12, 2016 replacing
Andrew Schleimer. Mr. Schleimer will
onboard Mr. Garrison over the next 30 days.
"Digital Turbine is poised for its next phase of growth.
Barrett's complete end-to-end CFO experience of assisting rapidly
growing companies, his strong understanding of technology and
execution-focus in the areas of strategic planning, risk
management, and corporate governance are the skillsets necessary to
continue to scale this business and leverage the tremendous global
opportunity before us," stated Bill
Stone, Chief Executive Officer of Digital Turbine. "The
timing is now right for an orderly transition. I want to
thank Andrew for his many contributions to Digital Turbine over the
past two years. He has been a valuable business partner and played
an integral part in getting the company to this point in our
evolution. I wish him great success in all his future
endeavors."
Garrison brings more than 17 years of accounting and financial
experience to the position with a focus on financial reporting,
regulatory compliance, internal control and corporate finance
activities. He previously served as Vice President and then Chief
Financial Officer of NetSpend Corporation, the leading provider of
reloadable prepaid debit cards, that was acquired by NYSE-listed
TSYS for $1.4 billion in 2013. Before
the acquisition, NetSpend went public in 2010 raising $204 million in its IPO. Mr. Garrison played an
instrumental operational and financial role scaling the business
from $130 million to $440 million in
revenue, increasing profitability, taking NetSpend public, and
implementing all the public company controls. Subsequent to
NetSpend, Mr. Garrison was Chief Financial Officer of Competitor
Group, a leading media and event company in the active lifestyle
industry company based in San
Diego. Mr. Garrison was the Financial Controller of Dell
Financial Services, a $2 billion
business for Dell Technologies Inc., from 2007 to
2008.
Garrison commented, "Digital Turbine's unique app delivery
software and native app media are gaining momentum in the
marketplace, and given my history and experience in emerging
technology companies, I am excited to join Digital Turbine at this
pivotal stage. I look forward to working with the entire team as we
continue on the path of long-term value creation for all of our
stakeholders."
About Digital Turbine
Digital Turbine works at the
convergence of media and mobile communications, delivering
end-to-end products and solutions for mobile operators, device
OEMs, app advertisers and publishers, that enable efficient user
acquisition, app management and monetization opportunities. The
company's products include Ignite™, a mobile device management
solution with targeted app distribution capabilities, Marketplace™,
an application and content store, and Pay™, a content management
and mobile payment solution. Digital Turbine Media encompasses a
leading independent user acquisition network as well as an
advertiser solution for unique and exclusive carrier inventory.
Digital Turbine has delivered more than 150 million app installs
for hundreds of advertisers. In addition, more than 31 million
customers use Digital Turbine's solutions each month across more
than 30 global operators. The company is headquartered in
Austin, Texas with global offices
in Durham, Berlin, San
Francisco, Singapore,
Sydney and Tel Aviv. For additional information visit
http://www.digitalturbine.com/ or connect with Digital Turbine on
Twitter at @DigitalTurbine.
Forward-Looking Statements
This news release includes "forward-looking statements" within the
meaning of the U.S. federal securities laws. Statements in this
news release that are not statements of historical fact and that
concern future results from operations, financial position,
economic conditions, product releases and any other statement that
may be construed as a prediction of future performance or events,
including financial projections and growth in various products are
forward-looking statements that speak only as of the date made and
which involve known and unknown risks, uncertainties and other
factors which may, should one or more of these risks uncertainties
or other factors materialize, cause actual results to differ
materially from those expressed or implied by such statements.
These factors and risks include:
- risks associated with Ignite adoption among existing customers
(including the impact of possible delays with major carrier and OEM
partners in the roll out for mobile phones deploying Ignite)
- actual mobile device sales and sell-through where Ignite is
deployed is out of our control
- risks associated with the timing of Ignite software pushes to
the embedded bases of carrier and OEM partners
- risks associated with end user take rates of carrier and OEM
software pushes which include Ignite
- new customer adoption and time to revenue with new carrier and
OEM partners is subject to delays and factors out of our
control
- risks associated with fluctuations in the number of Ignite
slots across US carrier partners
- required customization and technical integration which may slow
down time to revenue notwithstanding the existence of a
distribution agreement
- risk that strong Apple iPhone sales could result in a
disproportionately low amount of Android sales
- the difficulty of extrapolating monthly demand to quarterly
demand
- the challenges, given the Company's comparatively small size,
to expand the combined Company's global reach, accelerate growth
and create a scalable, low-capex business model that drives EBITDA
(as well as Adjusted EBITDA)
- challenges to realize anticipated operational efficiencies,
revenue (including projected revenue) and cost synergies and
resulting revenue growth, EBITDA (and Adjusted EBITDA) and free
cash flow conversion from the Appia merger
- the impact of currency exchange rate fluctuations on our
reported GAAP financial statements, particularly in regard to the
Australian dollar
- ability as a smaller Company to manage international
operations
- varying and often unpredictable levels of orders; the
challenges inherent in technology development necessary to maintain
the Company's competitive advantage such as adherence to release
schedules and the costs and time required for finalization and
gaining market acceptance of new products
- changes in economic conditions and market demand
- rapid and complex changes occurring in the mobile
marketplace
- pricing and other activities by competitors
- pricing risks associated with potential commoditization of the
A&P/Appia Core business as competition increases and new
technologies, in particular Real Time Bidding, add pricing
pressure
- developing RTB for A&P/Appia Core to the level required to
compete in the increasingly important programmatic bidding area
will require additional investment that, given the Company's
limited resources, may not be available in the time or on the terms
necessary
- technology management risk as the Company needs to adapt to
complex specifications of different carriers and the management of
a complex technology platform given the Company's relatively
limited resources, and
- other risks including those described from time to time in
Digital Turbine's filings on Forms 10-K and 10-Q with the
Securities and Exchange Commission (SEC), press releases and other
communications. You should not place undue reliance on these
forward-looking statements. The Company does not undertake to
update forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Follow Digital Turbine:
Twitter: https://twitter.com/DigitalTurbine
Facebook: https://www.facebook.com/DigitalTurbineInc
LinkedIn: https://www.linkedin.com/company/digital-turbine
For more information, contact:
Investor relations contact:
Brian Bartholomew
Digital Turbine
ir@digitalturbine.com
(512) 800-0274
Carolyn Capaccio/Sanjay M. Hurry
LHA
(212) 838-3777
digitalturbine@lhai.com
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SOURCE Digital Turbine, Inc.