Internet REIT Adds Veteran CFO Adam Chibib to Executive Team
By Derek Iwasiuk
Internet REIT (iREIT), a leader in direct search and Internet advertising, today announced that Adam Chibib has joined the company as its new chief financial officer. Chibib's career includes over fifteen years of success in mergers and acquisitions, general management, investor relations, finance and accounting, deal structuring and leadership in both public and private high-tech firms.
Chibib was most recently CFO of TippingPoint Technologies, where he helped grow company revenues from $5.7 million to $33.3 million in one year and successfully rebuilt the entire operations group as a part of an accelerated growth plan. Chibib was also the chief negotiator in the 2005 sale of TippingPoint to 3Com Corporation for approximately $430 million.
Chibib enjoyed similar success as CFO of Waveset, where he helped grow company revenues by 300% in one year and negotiated the sale of the company to Sun Microsystems in 2003 for a significant premium over its public market valuation.
Prior to his role at Waveset, Chibib was CFO of BroadJump, where he helped grow the company from concept stage to the leading global provider of broadband software in less than four years, with $50 million in revenues and more than 200 employees in six countries. Chibib also successfully completed three rounds of venture financing from top-tier venture firms at increasing valuation levels and negotiated the sale of BroadJump to Motive in 2003.
Chibib's earlier roles include two years as Controller of Tivoli Systems, a $1 billion software company, where he was responsible for managing the worldwide accounting function and the treasury function. Chibib has also held accounting positions at Price Waterhouse and Coopers & Lybrand.
A recognized leader in the financial community, Chibib was awarded the Ernst & Young Entrepreneur of the Year Award in 2002.
"iREIT is at a point in our development where we will benefit immensely from the experience, financial discipline and relationships that Adam brings to the company," said Bob Martin, chief executive officer of iREIT. "Adam has had tremendous success developing scalable infrastructures at fast-growth companies such as iREIT, and he has been a key driver in realizing over $750 million in value for his shareholders. We are very pleased to welcome Adam to the team."
"iREIT has done an excellent job establishing market leadership, building a world-class team and scaling the company in a short time, and the company is poised for accelerated growth. I look forward to playing a key role in facilitating this growth and helping the company successfully navigate the next stages of its evolution," said Adam Chibib, chief financial officer of iREIT.
About Internet REIT
Internet REIT (iREIT) is a next-generation Internet media company that
acquires, develops and monetizes high-quality domain names and web properties.
iREIT's domain portfolio includes such premier properties as the Netster.com
portal, Bands.com, CreditReports.com, Shows.com, AfricanAmericans.com,
NativeAmericans.com, VietnamWar.com, OfficeSupply.com, and many others. A
leading supplier of high-value Internet traffic to advertisers, iREIT receives
more than 50 million visitors per month through its portfolio of over 400,000
domain names. iREIT is a privately held company based in Houston, Texas. For
more information about iREIT, please visit http://www.ireit.com.
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