AdExcite Merges With Q1Media

El Segundo-based video advertising network AdExcite has merged with online display ad firm Q1 Media, the two companies said Wednesday. Financial details of the merger were not disclosed. The firm said the new company will operate as Q1Media, and use AdExcite's brand name for its video and mobile video product lines. Phil Banfield, co-founder of AdExcite, becomes CEO of Q1Media, with Bill Wiemann, founder and CEo of Q1Media, serving as President and COO. The company says it now has 30 full time employees, and expects to add up to 25 new employees spread across the combined company's Austin, Los Angeles, and New York locations.