Videology has filed for Chapter 11 bankruptcy protection and lined up a conditional agreement to sell the ad tech company to Amobee, a digital marketing company and wholly owned subsidiary of Singtel.
They didn’t announce financial terms, but then proposed deal would see Amobee acquire Videology’s assets for about $45 million, according to The Wall Street Journal.
All qualified, interested parties interested in Videology’s assets will have an opportunity to submit a better offer, Videology said, adding that its board has unanimously approved the proposed transaction.
“We are confident that today’s transaction represents the best path forward for Videology and is in the best interests of all our stakeholders,” Scott Ferber, Videology’s founder and CEO, said in a statement. “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 noted that Videology has set up big names on the demand and supply-side of the market, but stressed that that this phase of the video ad market at its early stages and will require more resources and capital to “help transform a market as large as TV.”
Of recent note, Videology is playing a role in Luminate, a new suite of advanced ad products being rolled out by The Walt Disney Co., and with Fox Networks Group’s Audience Insights Manager.
Last November, Videology said it has seen a 60% boost in advanced TV ad campaigns using its platform over the first three quarters of 2017.
Privately held Videology’s investors include Catalyst Investors, Comcast Ventures, NEA, Pinnacle Ventures, and Valhalla Partners. It has raised about $201 million, according to Crunchbase, thought the WSJ said it’s now closer to $300 million.
New York-based Videology was founded in 2007.