Adtech firm Videology has filed for Chapter 11 bankruptcy protection this week, while setting up a deal to sell its assets to Amobee, a subsidiary of Singtel.
The Wall Street Journalreports that the deal would be worth around $45 million.
“We are confident that today’s transaction represents the best path forward for Videology and is in the best interests of all our stakeholders,” said Scott Ferber, Videology’s founder and CEO.
“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.”
The filing, made in the US on Thursday, states Videology has estimated liabilities of around $100 million. The filing lists the company’s assets at $86.5 million.
Videology, which is headquartered in New York and has a London office, launched in 2007. Its investors include Catalyst Investors, Comcast Ventures, NEA, Pinnacle Ventures, and Valhalla Partners.
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