Foster City, CA - January 9, 2012

Philip W. Steitz Joins Rearden Commerce as Chief Architect

Philip W. Steitz Joins Rearden Commerce as Chief Architect

Rearden Commerce, creator of the Deem™ ecommerce platform, today announced that Philip W. Steitz, a Rearden Commerce Advisory Board member and former technology officer at Barclaycard and American Express, has joined Rearden Commerce as Chief Architect — where he will focus on building a next-generation offers platform for Deem. Mr. Steitz has more than 20 years of experience in business management and technology — including solutions development, operations, information security, architecture, strategy and technology finance.

"Phil Steitz joining Rearden Commerce is a big win for our company," said Patrick Grady, Founder, Chairman and CEO, Rearden Commerce. "In the eight months he has spent advising our technology team, we have seen great improvements in the technical development of our Deem ecommerce platform — primarily in our Deem Offers engine. We are excited to bring him in to a more hands-on role, where he can have even more of an impact at Rearden."

Mr. Steitz joined Rearden Commerce's Technical Advisory Board in May 2011, after serving as Chief Information Officer for Barclaycard US, the credit card business of Barclays PLC in the United States, where he was responsible for all technology and information processing systems development and operations. He has also served as Senior Vice President and Chief Technology Officer for American Express, where he oversaw global technology standards and strategy, enterprise utilities, technology innovation and strategic technology partnerships.

"Deem has great potential to deliver meaningful, personalized ecommerce to both merchants and individuals," said Mr. Steitz. "In my tenure here as an Advisor, I have seen that potential become much more of a reality. I'm ready to get my hands dirty to build the world's preeminent relevance engine."

During his tenure at Barclays, Mr. Steitz developed award-winning consumer credit and loyalty products, and played a central role in developing strategic partnerships and driving innovation. At American Express, Mr. Steitz led the introduction of numerous technology innovations, including mass Web personalization, standards-based identity and access management, advanced performance engineering, real-time data integration for multiple business lines and other critical functionality.

Mr. Steitz previously held various technical and management positions at Intelligroup, Entersoft Systems (now BEA systems), Financial Dynamics and Target Systems Development. He holds a doctorate in mathematics from the University of Maryland and a bachelor's degree in Philosophy from Beloit College. He has served on several additional boards, including Sun Microsystems Executive Advisory Council, the Microsoft Interoperability Executive Advisory Council, the Intel Board of Advisors and the EMC Executive Council.