Advertising technology company Videology has filed for bankruptcy. The company announced that Amobee would be buying a significant number of its assets in a deal worth $45 million.
Founded 10 years ago, Videology had raised around $200 million in funds to launch and support its digital video advertising ambitions.
Among notable clients were both Sky and Univision. Early in 2018 the company chose to embark on a restructure which meant that 6% of its workforce was let go.
Scott Ferber, CEO and founder of Videology explained:
“We are confident that today’s transaction represents the best path forward for Videology and is in the best interests of all our stakeholders. 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 that Videology had established itself as a company providing a way to convert TV and video ads.
“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,” he added.
“The bottom line is that these moves put us in the best possible position to achieve our ambitions goals, and we remain dedicated to our mission of driving outstanding advertising results for our customers during this process – without interruption.”
Following approval by the US court, Amobee’s takeover could help the company expand its digital services offers.
In 2017, Amobee acquired Turn, the data management company for $310 million.