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Videology Announces Conditional Sale to Amobee as Part of Voluntary Chapter 11 Restructuring ProcessToday, Videology, a leading software provider for converged TV and video advertising, announced the filing of voluntary petitions for relief under Chapter 11 of the U.S. States Bankruptcy Code. Concurrent with the filing, Videology announced that it has entered into a conditional asset purchase agreement with Amobee (News - Alert). Pursuant to the s363 process, all qualifying interested parties with respect to Videology's assets will have an opportunity to submit a higher offer to be evaluated by Videology. Scott Ferber, Founder and CEO, Videology, stated, "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." Ferber continued, "Over the past decade Videology has successfully established ourselves as a leading provider of the software for the convergence of TV and ideo and have built a client list comprised of some of the biggest names on both demand and supply-side of the market. 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." The transaction was unanimously approved by the Videology Board of Directors. The close of the transaction is subject to court approval and other conditions. Cole Schotz P.C. is serving as Videology's bankruptcy counsel. About Videology: Videology (videologygroup.com) is a leading software provider for converged TV and video advertising. By simplifying big data, we empower marketers and media companies to make smarter advertising decisions to fully harness the value of their audience across screens. Our math and science-based technology enables our customers to manage, measure and optimize digital video and TV advertising to achieve the best results in the converging media landscape. Videology, Inc., is a privately-held, venture-backed company, whose investors include Catalyst Investors, Comcast (News - Alert) Ventures, NEA, Pinnacle Ventures, and Valhalla Partners. Videology is headquartered in New York, NY, with key offices in Baltimore, Austin, Toronto, London, Paris, Madrid, Singapore, Sydney, Tokyo and sales teams across North America.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180510005254/en/ |
