It was only a week ago that AdBrite's CEO was talking to trade press about its long evolution and bright future. As it happens, it was apparently up for sale and for sale in a relatively desperate timeframe. It also apparently failed to meet that deadline, with only some of its assets being purchased.
The decision to put the company up for sale happened about a mont ago. Because a full sale did not happen, a lender is pulling AdBrite's plug as of this coming Friday.
Clients received the following letter, acquired by Ad Exchanger:
ADBRITE CONFIDENTIAL INFORMATION]
I wish I was writing to share better news. Our M&A effort fell through week before last and AdBrite’s secured lenders [banks] have made the decision to cease operations effective Feb 1, 2013. Between now and then, we are in the process of selling AdBrite’s core assets – its marketplace and Intellectual Property to interested parties. While we are not broadcasting the details, given that we have maintained an open and collaborative partnership, I wanted to reach out directly to you with the news.
Needless to say this is an unexpected and abrupt outcome impacting us all adversely. While this is a very trying time for my team and I, I did want to express my thanks for being invaluable clients and above all a good sounding board for us when we’ve come with ideas or sought direction.
There is a transition team that has been put in place that will help with the wind down effort and the asset sale – and John Underwood [copied above] and I can be reached throughout this process. If you would like to have a quick call on this topic, we will work with your schedule to set it up.
I have one parting request. Over the course of the last few months, we’ve built a team I am personally very proud of. All of us have been affected by the Bank’s decisions here and I would request that if there are open positions within your organization where some of them could find a new home in – I would much appreciate that insight.
I am available to vouch for any one of our employees and so please feel free to reach out to me for thoughts if you see one of their resume’s come across your desk.
It has been a pleasure working with you all over the last few months and I hope our paths cross again in the near future. Will look forward to hearing from you on setting up time to chat.