News of his role comes almost a year after he stepped down from a debt-ridden and strife-torn Cordiant, which was this year acquired by WPP after a bitter takeover tussle.
Adstream uses software systems and a broadband video network to control and streamline some of the day-to-day processes within agencies.
The company says it has ended the need for ads to be biked around the country. As a result, agencies save time while avoiding duplication, transport and storage costs.
Since leaving Cordiant as a result of shareholder pressure, Bungey has been overseeing the European expansion of the company, which already claims to be working for 75% of Australia's agencies.
Bungey presided over a traumatic final period for Cordiant, which paid a heavy price for a $540m buying spree that culminated in the disastrous purchase of the Lighthouse Group three years ago.
The result was a series of profit warnings, job losses and a plunging share price. It led to Bungey stepping down in 2002, in favour of David Hearn, whose attempt to slim down Cordiant and focus on core businesses was dealt a lethal blow when Allied Domecq removed £18m worth of business.
Cordiant's independence finally came to an end in July this year when its shareholders voted overwhelmingly to accept Sir Martin Sorrell's £266m offer.
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