Videology, a software provider for converged TV and video advertising, has announced the filing of voluntary petitions for relief under Chapter 11 of the US States Bankruptcy Code (with ancillary proceedings to be commenced in the UK). The filing states that Videology has estimated liabilities of more than $100 million (€83.7m). The filing lists the company’s assets at $86.5 million.
Concurrent with the filing, Videology announced that it has entered into a conditional asset purchase agreement with marketing technology company Amobee, a subsidiary of Singapore-based telco Singtel.
Pursuant to the Chapter 11 sale process, all interested parties who meet the requirements of court-ordered bidding procedures will be able to submit competing offers to acquire Videology’s assets. It is understood that Amobee has agreed to pay for about $45 million for the assets.
“We are confident that today’s transaction represents the best path forward for Videology and is in the best interests of all our stakeholders,” stated Scott Ferber, Founder and CEO, Videology. “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.”
“Over the past decade Videology has successfully established ourselves as a leading provider of the software for the convergence of TV and video and have built a client list comprised of some of the biggest names on both demand and supply-side of the market,” noted Ferber. “However, the industry is only in the early-stages of the TV and video advertising transformation that we were built to power, and it will take resources, capital and time to help transform a market as large as TV. The bottom line is that these moves put us in the best possible position to achieve our ambitious goals, and we remain dedicated to our mission of driving outstanding advertising results for our customers during this process – without interruption.”