Videology files for bankruptcy and accepts multimillion offer from Amobee
Ad tech outfit Videology has filed for chapter 11 bankruptcy protection, announcing that Amobee will snap up its assets in a deal reported to be worth around $45m.
The move follows on from a restructure earlier in the year in which the firm shed 6% of its global workforce.
Commenting on today's decision, founder and chief executive Scott Ferber said he believed it to be "the best path forward" for the company and its stakeholders.
Founder and chief executive Scott Ferber said he believed it to be "the best path forward"
"Most importantly, we anticipate it being seamless for our valued clients and partners, while providing Videology the financial stability and strategic position to drive future growth," he added.
Ferber also pointed to the firm's early wager on the convergence of TV and video when it was founded in 2008, saying the business was still "built to power" this ongoing shift, despite its struggle to grow turnover in recent years.
Videology has raised around $200m in funding since it was founded a decade ago. It counts the US’ largest telecoms provider Comcast among its investors and to date, it has partnered with programming providers such as Sky and Univision on either side of the Atlantic.
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Amobee, which is owned by Singaporean telecom giant Singtel, has entered into a conditional asset purchase agreement with Videology – its bid will have to be approved by US courts.
The purchase will likely help Amobee, which bought data management platform (DMP) Turn last year for a cool $310m, expand the range of digital services it offers to advertisers.