4c7fdc08_rends__Technology_and_Research__Ad_Exchange
[Category] Definition [Ad Network] An online arbitrage platform, which aggregates publishers’ inventory, segments it (geo, age, gender etc.) and sells slices of it to advertisers / agencies. A controlled marketplace between buyers (advertiser), sellers (publisher) and ad networks. [Ad Exchange] 
An Online marketplace where publishers, advertisers, agencies, ad networks, DSPs can buy and sell ad inventory. It works by auctioning each impression to the highest bidder.