NEW YORK--(BUSINESS WIRE)--Please replace the release due to multiple revisions in the first paragraph.
The corrected release reads:
VIDEOLOGY ANNOUNCES CONDITIONAL SALE TO AMOBEE AS PART OF VOLUNTARY CHAPTER 11 RESTRUCTURING PROCESS
Anticipated Transaction will Provide Pathway for Videology’s Future Growth by Improving Financial Position and Ensuring Seamless Continuation of Business Operations
Today, 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 (with ancillary proceedings to be commenced in the United Kingdom). Concurrent with the filing, Videology announced that it has entered into a conditional asset purchase agreement with Amobee. 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.
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 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. The close of the transaction is subject to court approval and other conditions.
Cole Schotz P.C. is serving as Videology’s bankruptcy counsel.
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 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.