Videology, the software provider for converged TV and video advertising founded in 2007 by Baltimore’s Scott Ferber, also the co-founder of advertising.com, is filing for chapter 11 bankruptcy protection.
Concurrent with the filing, according to a press release, Videology announced that it has entered into a conditional asset purchase agreement with Amobee, a California-based global digital marketing technology company serving brands and agencies. 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.
Headquartered in Times Square in New York City, Videology has 100 employees based at McHenry Row in Baltimore. Overall, the company employs 400 in 28 countries, including Austin, Toronto, London, Paris, Madrid, Singapore and Sydney.
Ferber, who serves as CEO of Videology, issued the following statement: “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 video 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: Scott Ferber, Chairman & CEO; Arthur J. Marks, Managing General Partner, Valhalla Partners; Sam Landman, Managing Director, Comcast Ventures; John Ferber, Co-Founder and Chairman, Domain Holdings Group; Patrick Kerins, General Partner, NEA; Brian Rich, Managing Partner and Co-Founder, Catalyst Investors; Tom McMahon, Chief Operating Officer, Videology.
The close of the transaction is subject to court approval and other conditions.
Videology, Inc., is a privately-held, venture-backed company, whose investors include Catalyst Investors, Comcast 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.