- Adtech company Infillion is set to acquire the assets of bankrupt adtech firm MediaMath.
- Infillion emerged as the highest bidder in MediaMath’s bankruptcy auction.
- A hearing to approve the sale is set to take place on Wednesday, August 23.
US-based adtech company Infillion has emerged as the highest bidder for the assets of MediaMath, the high-profile adtech firm that filed for Chapter 11 bankruptcy in June, according to court filings.
The value of the bid couldn’t immediately be learned. A sale hearing is scheduled to take place on Wednesday 8.30 a.m. Eastern Time in the Delaware bankruptcy court.
London-based Genius Sports, a sports data and video-streaming company, made the second-highest bid for the MediaMath assets, according to the court filings.
Representatives for Infillion, MediaMath, and Genius Sports didn’t immediately respond to requests for comment.
An early pioneer in New York’s adtech scene, 16-year-old MediaMath ultimately struggled to keep up with rivals such as Google, Amazon, and The Trade Desk. After MediaMath’s private equity owner declined to release any more financing earlier this year and a would-be buyer unexpectedly walked away from a $70 million deal at the eleventh hour, MediaMath crashed into Chapter 11 bankruptcy on June 30. The company ceased operations that day, leading to the loss of more than 300 jobs.
The company owed about $125 million in trade liabilities to hundreds of companies including Google, Microsoft’s Xandr, and the publicly listed adtech companies Magnite and PubMatic. Insider is also listed as a creditor in the bankruptcy filings.
Infillion was formed in 2022 after Disney sold its video adtech asset TrueX to the location-focused adtech firm Gimbal in late 2020. Gimbal paid less than $100 million for TrueX, The Wall Street Journal reported at the time, citing people familiar with the matter.
Infillion offers a range of solutions from campaign planning and media buying, through to shoppable video, and data and measurement tools. Its clients have included Amazon, Bank of America, and T-Mobile, according to its website.
MediaMath’s assets included its demand-side platform — technology that helps marketers plan, buy, and optimize ads on various media using automation. It also had an integrated data-management platform.
Insider previously reported that MediaMath founder and CEO Joe Zawadzki was preparing to assemble a syndicate dubbed “Project Phoenix” to buy back the bankrupt company’s assets. Project Phoenix wasn’t listed in the court filings.
This is a developing story. More updates to come.
Read the full article here