IGA seeks funding or a buyer
In-game advertising company seeks to close third round of financing, while exploring sale options
IGA worldwide, the in-game advertising company, is said to be looking for a new round of funding while it has also put itself up for sale.
The company's chairman, Justin Townsend, told Venture Beat that while it hoped to close a third round of investment within weeks, IGA would explore the options of a sale.
The Gordian Group, an investment bank, has been hired to handle applications for the sale, with buyers supposedly given a deadline of March 27 to submit a bid.
According to Townsend, in November IGA laid off 25 per cent of the company, although he did say that IGA did not want to accept "low ball offers" on the company.
In 2007, IGA had reported an USD 11 million loss, despite revenues of USD 3 million, while for 2008 the company expects a loss of USD 26 million with revenues of USD 3.4 million. However, Townsend now says the loss will be lower than expected due to cancelled licensing payments to publishers.