IRVINE, CA and BELMONT, CA--(Marketwired - May 05, 2014) - Auction.com, the nation's leading online real estate marketplace, has named former Yahoo! Inc. chief financial officer and interim chief executive officer Tim Morse as CFO and executive vice president.
The appointment comes just weeks after Auction.com announced a $50 million investment from Google Capital, part of a strategic partnership that is focused on expanding Auction.com's share of the global real estate marketplace. Last year alone, buyers and sellers traded more than $7 billion in commercial and residential real estate through Auction.com's online marketplace.
"As we position ourselves for a new phase of growth, Tim's expertise and experience with fast-growing technology companies are important additions to the Auction.com management team," said Jeff Frieden, Auction.com CEO and co-founder. "We will rely heavily on his leadership as we expand our ongoing efforts to transform how real estate is bought and sold."
Morse will oversee Auction.com's financial operations and growth strategies from the company's Silicon Valley office. To facilitate a seamless transition, he is working closely with outgoing CFO Bruce Felt, who will depart in June.
"Auction.com is a game-changer for both the real estate industry and e-commerce," Morse said. "Real estate represents the largest financial transactions that most businesses and individuals will make. It's truly exciting to help make that process more fair and equitable."
Morse has helped numerous technology companies -- from start-ups to industry powerhouses -- implement strategies that support sustainable growth. After leaving Yahoo! in the fall of 2012, he joined online advertising start-up Adap.tv, where he led IPO efforts to near conclusion. Just before going public, the fast-growing tech company was acquired by AOL, Inc.
For 15 years, Morse held numerous positions of progressively greater financial leadership with the General Electric Company, driving value creation initiatives for GE Capital, GE Corporate, GE Appliances and GE Plastics. In July 2005, Morse was named CFO and general manager of business development for GE Plastics. He left GE in 2007 to become CFO for the Altera Corporation, a San Jose-based maker of programmable logic semiconductors.
Morse holds a Finance and Operations & Strategic Management degree from Boston College.
Auction.com, LLC, is the nation's leading online real estate marketplace. Founded in 2008, the company has sold nearly $20 billion in assets since 2010. Auction.com has over 900 employees and offices in Irvine and Silicon Valley, California as well as offices in Atlanta, Austin, Denver, Miami and Newport Beach. Visit Auction.com for more information.