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Index Exchange said Wednesday that it is hiring 200 staffers by the end of this year, bringing its total headcount to 520 and signaling growth even as the overpopulated ad-tech business continues to consolidate.

The company says its expansion is not only happening without outside investors, but possible in part because it doesn't have outside investors at all.

"Normally what precedes what we're doingexpandingis a massive funding round," says Andrew Casale, president and CEO at Index Exchange, a technology company that helps publishers such as The New York Times, Meredith and Hearst sell digital ads.

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