Observed Signal · Apr 1, 2019 · Insolvency Filing · Source: OnlineMarketing.de · Impact: 2/5 · Sentiment: Negative
Sizmek Files for Bankruptcy
Sizmek, a debt-laden AdTech provider, filed eight insolvency petitions in New York. The filings were submitted by Mark Grether, Sizmek’s CEO, on the prior Friday at the relevant New York authorities. The company reports total liabilities between 100 and 500 million USD, and notes over-indebtedness to W&V. Among its largest creditors are Index Exchange, Pubmatic, and App Nexus. Sizmek previously drew attention in 2017 when Rocket Fuel was acquired for 145 million USD, and it had positioned itself as the world’s largest independent DSP, a competitor to Facebook and Google in programmatic advertising. The insolvency filings are under Chapter 11, which Sizmek says enables continued normal operations during restructuring. The development underscores financial stress in parts of the AdTech sector and could impact customers and creditors connected to Sizmek.
Insolvency of a notable AdTech vendor; potential disruption to creditors and customers
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Key Takeaways & Evidence Grounding
- Sizmek filed eight insolvency petitions in New York.
- Mark Grether, CEO of Sizmek, filed the petitions.
- Total liabilities reported between $100 million and $500 million.
- Major creditors include Index Exchange, Pubmatic, and App Nexus.
- Sizmek previously attracted attention in 2017 with Rocket Fuel’s $145 million acquisition.
- The company says Chapter 11 allows normal operations to continue during restructuring.
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